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Cryptocurrency platform Kraken announced that from January 31, 2023 it will be deregistered with the Financial Services Agency of Japan (FSA) as an operator of a crypto asset exchange.
In a message to users, the Kraken teamstated that it has decided to cease its operations in Japan effective January 31, 2023. This decision is part of Kraken's global strategy to prioritize investing resources where they are best suited for the long-term success of the exchange.
“After considering the current situation aroundthe Japanese market and the weakening of the global cryptocurrency market, we have concluded that it will be difficult for Kraken to invest the necessary resources to further develop its business in Japan. Kraken will no longer serve Japanese clients,” the exchange said in a statement.
Customers from Japan were asked to transfercrypto assets stored in Kraken exchange accounts into an external wallet or liquidate the portfolio, and withdraw funds for the sold assets to your bank account. To ensure a guaranteed withdrawal option from Kraken, the exchange will lift withdrawal limits for all Japanese users in January.
At the beginning of December, the management of the Kraken cryptocurrency exchange announced plans to lay off 1,100 employees - this is about 30% of the total number of site personnel.
