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Japan-based cryptocurrency exchange, Kraken has announced plans to cease operations in Japan from January 2023.
The firm also said that it will deregister from the country’s Financial Services Agency (JFSA).
The exchange, in a statement, cited the global challenges which have affected the cryptocurrency market.
This is in addition to the market conditions in Japan which it said has affected its operations.
The statement read “Current market conditions in Japan in combination with a weak crypto market globally mean the resources needed to further grow our business in Japan aren’t justified at this time.
“As a result, Kraken will no longer service clients in Japan through Payward Asia,” the exchange affirmed. Payward Asia Inc. operates Kraken’s services in Japan.
All affected clients have until Jan. 31 to withdraw their fiat and crypto holdings, the announcement adds, noting that deposit functionality will be removed on Jan. 9. Kraken also assured customers that it is “fully funded to ensure all affected clients can withdraw their assets in a timely manner.”
Last month, Kraken said it recorded low trading as well as reduced patronage by new customers.
To Meetup with the challenges, Kraken laid off over 1,000 workers in November.
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