crypto exchange Krakenannounced that it will cease operations in Japan, citing current market conditions.
The crypto industry has moved into a new dimension after the recent FTX events. The debris FTX leaves behind has consequences that are difficult to recover from. Kraken announced last month that it will cut its workforce by 30 percent (approximately 1,100) as challenging market conditions hamper demand for digital assets. The exchange has now announced that it will reduce its operations.
Kraken Ends Operations in Japan
US-based crypto exchange KrakenIn a statement, he said that he would cease operations in Japan next month due to current market conditions in the country and the weakening crypto market globally.
Kraken, as of January 31 Financial Services Agency (JFSA) and customers will have to withdraw their fiat and crypto holdings by this date. It also said that it is fully funded to ensure that all affected customers can withdraw their assets in a timely manner.
While the leading cryptocurrency Bitcoin has lost 60 percent of its value this year, the crypto market has shrunk by $1.4 trillion with the collapse of Sam Bankman-Fried’s FTX empire and Terra. That’s why exchanges like Kraken have changed their corporate strategy.
