Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market

Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market  0

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.

Kraken Exiting Japan

Cryptocurrency exchange Kraken announced Wednesday that it has decided to “cease its operations in Japan and deregister from the Financial Services Agency (JFSA) as of January 31, 2023.”

The company explained that the decision to exit the Japanese crypto market is part of its “efforts to prioritize resources and investments” in the areas that align with the company’s strategy and “will best position Kraken for long-term success.” The announcement details:

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.

“As a result, Kraken will no longer service clients in Japan through Payward Asia,” the exchange affirmed. Payward Asia Inc. operates Kraken’s services in Japan.

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.”

The crypto market has suffered significantly this year, with bitcoin falling more than 65% year-to-date. The Terra ecosystem collapse in May and the FTX implosion last month have negatively impacted many crypto companies, and a number of firms ended up having to file for bankruptcy, including FTX, Three Arrows Capital (3AC), Voyager Digital, Celsius Network, and Blockfi.

“Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups,” Kraken CEO Jesse Powell detailed last month. “Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand.” Kraken announced in November that it is reducing its global workforce by 30% or approximately 1,100 people “in order to adapt to current market conditions.”

Tags in this story crypto exchange Kraken Japan, Kraken, Kraken deregisters FSA, Kraken exits Japan, Kraken Japan, Kraken shutting down Japan, Payward Asia, Payward Asia Japan, weak crypto market

What do you think about Kraken exiting the Japanese crypto market? Let us know in the comments section below.

Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market  1 Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market  2 Paxful to Drop Ethereum Trading Due to Increased Centralization and Consensus Mechanism Pivot EXCHANGES | 7 days ago Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market  3 Binance to Help Azerbaijan With Crypto Regulations EXCHANGES | Dec 18, 2022

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Microstrategy Buys More Bitcoin — Company’s Crypto Holdings Grow to 132,500 BTC

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market  4

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this … read more.

NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says ‘We Continue to See Demand’ Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn’t Be Surprised if Stocks Fell 40% Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms

Source

Updated: 12/29/2022 — 01:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme