Kraken to exit Japanese market in early 2023

The cryptocurrency exchange Kraken announced that it would suspend its operations in Japan from 31 January 2023 and deregister with the FSA.

“We sincerely apologise. After reviewing the crypto-asset market, we determined that it would be unjustified to devote resources to further developing the business in Japan,” the platform said.

Kraken clarified that the decision would not affect its other business. The exchange is fully funded and has ample liquidity.

Japanese clients were offered to withdraw cryptocurrency to external wallets or liquidate their portfolios to transfer fiat to bank accounts.

Earlier in November, Kraken laid off about 1,100 employees or around 30% of its staff, in order to “adapt to prevailing market conditions”.

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