- Kraken, a US-based cryptocurrency exchange and bank, to stop its operations in Japan.
- On January 31, the platform will deregister itself from the Financial Services Agency (JFSA).
- Last month, Kraken also announced that the platform would cut its workforce by 30%, or roughly 1,100 employees.
On Wednesday, a US-based cryptocurrency exchange and bank, Kraken, announced that the platform would shut down all its operations in Japan starting next month. As per the media reports, Kraken is referring to the country’s existing market difficulties and a weak crypto market worldwide.
In an officially released statement, it was mentioned that as of January 31, Kraken would deregister itself from the Financial Services Agency (JFSA). In the meantime, all the users would have to withdraw their cryptocurrency and fiat holdings.
Kraken further added and said all the affected customers do not need to worry as the platform has funds for them to withdraw their assets in a timely manner.
As the demand for digital assets has decreased due to tough market conditions, last month, Kraken also said that the platform would reduce its manpower by 30%, or around 1,100 employees.
This year, all the major coins and projects faced a bloodbath, resulting in millions of dollars in losses for the investors. The strongest and biggest in the crypto market, Bitcoin, also faced backlash and has lost 60% of its value this year.
As a result of the downfall of Sam Bankman-Fried’s FTX empire, Celsius, and supposed ‘stablecoins’ terraUSD and Luna, the overall crypto market has shrunk by $ 1.4 trillion.