Kraken is closing its San Francisco headquarters

Kraken’s CEO decided to close the company’s San Francisco headquarters after blaming the city for its inability to ensure public safety.

San Francisco is not safe

Jesse Powell, Kraken’s CEO, released a statement that the company had closed its San Francisco headquarters “after numerous employees were assaulted, harassed and robbed on their way to and from the office.”

The statement first appeared on the internet via a tweet from Richie Greenberg, a San Francisco-based political commentator. Since then, it has received numerous responses from the Twitter community regarding the security issue in the city where many crypto companies are based.

According to Powell’s words, San Francisco’s public safety, crime, homelessness and substance abuse problems are totally “unreported” because “it’s so commonplace.” The main problem, from Powell’s point of view, relates to District Attorney Chesa Boudin, who has not done enough to criminalize and punish violators.

“San Francisco isn’t safe and won’t be safe until we have a prosecutor who prioritizes the rights of law-abiding citizens over the street criminals he so ingloriously protects.”

Kraken’s decision came after Coinbase announced it would close its San Francisco headquarters by 2022. Last year, the company attributed the decision to its commitment to a distributed workplace, meaning no headquarters were assigned to a specific location. This practice is also being adopted by Coinbase’s main competitor, Binance, which has operated as a distant global company since its inception.

Powell Frank as always

The CEO has boldly expressed his sociopolitical views on Twitter, but has faced criticism. Powell openly opposed Canada’s response to the Freedom Convoy protest and specifically the government’s decision to confiscate all crypto donations as illicit funds.

When Ukraine’s Deputy Prime Minister asked the cryptocurrency exchange to stop serving Russian customers in February, Powell claimed Bitcoin was the embodiment of libertarian value. He stated that “Despite my deep respect for the Ukrainian people, Kraken cannot freeze the accounts of our Russian customers without a legal obligation”.