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The cryptocurrency exchange announced on Wednesday that Kraken plans to stop operating in Japan at the end of January.
The deadline for Kraken customers in Japan to withdraw their assets was set for January 31, when the exchange announced it was deregistering from the Japan Financial Services Agency. Kraken is suspending its operations in the country to "prioritize resources and investments in areas that align with our strategy and best position the 'business' for long-term success," it said in a statement.
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“The current market conditions in Japan and the weak global cryptocurrency market mean that the resources needed to further develop our business in Japan are not available at this time,” Kraken said. "As a result, Kraken will no longer serve customers in Japan through Payward Asia."
© REUTERS/Dado Ruvic/Illustration Cryptocurrency mixing platform Tornado Cash has been hit by US sanctions over money laundering allegations. Reuters/Dado Ruvic/IllustrationPrices for some popular cryptocurrencies have fallen significantly since the beginning of the year.
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For example, Bitcoin has fallen over 65%, while Ethereum and Cardano have fallen over 68% and 80%, respectively. Another cryptocurrency, Solana, has fallen over 90%.
© REUTERS/Dado Ruvic/Illustration/File Photo Prices for some popular cryptocurrencies have fallen significantly since the beginning of the year. Reuters/Dado Ruvic/Illustration/FileKraken said it is lifting withdrawal limits in January to help affected customers. According to post.
The cryptocurrency exchange said it will convert “the yen (e.g. US dollar, euro) and all remaining fiat currencies other than cryptocurrencies” into the Japanese yen after January 31st, and that after that, Japanese customers “need to coordinate.” To rebalance the JPY."
© REUTERS/Dado Ruvic/Illustration Kraken plans to cease operations in Japan at the end of January, the cryptocurrency exchange announced on Wednesday. Reuters/Dado Ruvic/IllustrationKRAKEN LOST 1100 EMPLOYEES FOR "CRYPTO WINTER".
Kraken's decision to leave Japan comes after the company announced last month that it would cut its workforce by 30%, the equivalent of losing about 1,100 employees.
The layoffs, which are expected to reduce the company's staff to about a year, are part of Kraken's efforts to overcome the "crypto winter" and "adapt to current market conditions," one company said. Update from CEO Jesse Powell. .
According to the website, Kraken is currently available in 190 countries.