Kraken CEO Shuts Down San Francisco Headquarters – Here’s Why

Jesse Powell, Kraken CEO, talks more in detail about why he decided to shut down Kraken’s headquarters in San Francisco.

Kraken was one of the pioneering Bitcoin exchanges. They had this headquarters too in New York. However, New York announced a strict BitLicense regulation in 2015 which prompted Powell to remove Kraken from the Big Apple for good.

In humor, Kraken CEO even described the state as “that abusive, controlling ex you broke up with 3 years ago but they keep stalking you.”

In April, Powell decided to take Kraken out of San Francisco as well. Powell decided to throw in the towel and shut down the headquarters in San Francisco because of the rampant lawlessness in the city such as crimes and drug abuse.

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San Francisco proved to be the wrong city for Powell to put up a business. (New Scientist)

Powell: Frisco Is Getting Worse

The city, as Powell described it, has “deteriorated” in terms of safety and cleanliness. Back in 2013 when he first moved into the state was a memory. It’s now unrecognizable. Powell is specifically triggered by Chesa Boudin, San Francisco’s District Attorney.

She was put into office following historic protests that happened after the murder of George Floyd by a Minneapolis police officer in 2019. Since then, the DA pushed for reforms specifically geared towards eradicating cash bail, enforcing police accountability, incarceration; and the like.

Apparently, Boudin’s reforms may have made matters worse in San Francisco. It seems that crimes have increased as people had this excuse for committing crimes.

For the oppressed, prison isn’t the best place to be. However, as Powell states, prison also happens to be a powerful and effective deterrent to crime.

Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com

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Kraken Headstrong Amid State Regulations

Kraken has stirred mixed reactions in the crypto space because of its being headstrong against regulatory changes. Many people support Powell’s sentiments and his push for a recall.

Coinbase, Kraken’s competitor, also removed their San Francisco HQ in February of this year but citing a different reason such as the pandemic.

Evidently, Kraken wanted to embody being a decentralized company and that can only happen if they thrive even without a physical headquarters.

After all that’s said and done, will Kraken still consider San Francisco as home?

According to Powell, if Boudin remains to be DA, it would take some time. Powell believes the city isn’t safe especially with a DA cradling the criminals and neglecting the rights and safety of the law-abiding citizens of San Francisco.  

Featured image from CryptoPotato, chart from TradingView.com