• Kraken announced it will exit Japan and deregister from the Financial Services Agency as of Jan. 31.
• Kraken users in the country have until the end of next month to withdraw their holdings, with the option of transferring crypto to another wallet or wiring Japanese yen to a local bank.
• Kraken will now prioritize resources and investments to ensure the long-term stability of the exchange.
Cryptocurrency exchange Kraken announced that it will exit Japan and deregister from the Financial Services Agency as of Jan. 31. This decision was prompted by „current market conditions in Japan in combination with a weak crypto market globally“. This will impact all of the users in Japan who currently have holdings at the exchange.
Kraken users in the country have until the end of next month to withdraw their holdings, with the option of transferring crypto to another wallet or wiring Japanese yen to a local bank. This gives users the time to take steps to secure their holdings and manage the transition.
The decision to exit the market comes after several changes at the exchange. In September, co-founder Jesse Powell departed from his role as CEO and Chief Operating Officer Dave Ripley took his place. Two months later, the company cut 30% of its global workforce as the crypto market continued to stagnate following the collapse of rival exchange FTX.
Kraken is now focusing on ensuring the long-term stability of the exchange by prioritizing resources and investments. The exchange aims to provide a secure and reliable platform for users to access the crypto markets, and will continue to invest in infrastructure and compliance to support this goal.
