Crypto exchange Kraken is shutting down in Japan citing current Japanese market conditions and a weak global crypto market. cryptocurrency
Cryptocurrency exchange Kraken is shutting down services in Japan. The company explained that the current Japanese market conditions and a weak global crypto market do not justify the resources needed to further grow its business in Japan at this time.Cryptocurrency exchange Kraken announced Wednesday that it has decided to “cease its operations in Japan and deregister from the Financial Services Agency as of January 31, 2023.
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. 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.”
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