According to December 28, Kraken plans to cease operations in Japan on January 31, 2023 and deregister with the country’s Financial Services Agency. statement.
The exchange said the decision was made as part of its efforts to prioritize its overall business. The company said that “current market conditions in Japan combined with the weakening of the cryptocurrency market” have made its business in Japan unsustainable.
Kraken said affected users will have until January 31 to withdraw their funds, adding that they will stop depositing by January 9.
The exchange said withdrawal restrictions would be lifted in January, allowing users to transfer funds to external wallets or liquidate portfolios to withdraw from domestic banks.
Digital assets staked through Kraken, on the other hand, can be unstaked and transferred to other platforms. The exchange said it will provide more information regarding its destaking process for staked Ethereum (ETH).
Kraken withdrew from Japan in 2018. Quote Rising costs of doing business there. However, the exchange re-entered the Japanese market in 2020.
Kraken after FTX implosion announced Due to the challenging market environment, the company plans to lay off approximately 1,000 employees from its global workforce.
