Kraken exchange ceases operations in Japan

Cryptocurrency platform Kraken has announced that it will deregister with the Japan Financial Services Agency (FSA) as a crypto asset exchange operator starting January 31, 2023. In a message to users, the Kraken team stated that it has decided to cease operations in Japan effective January 31, 2023.. The decision is part of Kraken's global strategy to prioritize resource investment where it is best suited for the exchange's long-term success. “After considering the current situation around the Japanese market and the weakness of the global cryptocurrency market, we concluded that it will be difficult for Kraken to invest the necessary resources to further develop its business in Japan.. Kraken will no longer serve Japanese customers,” the exchange said in a statement. Clients from Japan were invited to transfer crypto assets held in Kraken exchange accounts to an external wallet or liquidate a portfolio, and withdraw funds for the sold assets to their bank account. In order to guarantee the possibility of withdrawing funds from Kraken, the exchange will remove the withdrawal limits for all Japanese users in January. In early December, the management of the Kraken cryptocurrency exchange announced plans to cut 1,100 employees, which is about 30% of the total number of staff on the platform.