Cryptocurrency exchange Kraken announced that it will cease its services in Japan as of January 31, 2023. Kraken will also deregister from the Financial Services Agency after shutting down services.
Kraken explained that the decision was taken “due to the combination of market conditions in Japan with current conditions”.
Kraken users can withdraw their fiat and crypto assets by the end of next month. Users can withdraw to any crypto wallet or prefer bank transfer.
Jesse Powell, the exchange’s co-founder, stepped down as CEO in September and was replaced by former COO Dave Ripley. The company slashed its global workforce by 30% two months later as the crypto market continued to stagnate following the collapse of rival exchange FTX.
The blog post stated that Kraken will now prioritize resources and investments to ensure the long-term stability of the stock market.