Kraken to stop operations in Japan

Crypto exchange Kraken said on Wednesday it would cease its operations in Japan next month

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In a post, Kraken announced that it will cease crypto trading services through its Japanese subsidiary, Payward Asia, and will be deregistered from the Financial Services Agency of Japan on January 31, 2023.

This is the second time Kraken has left the Japanese market. It was preceded by its exit in 2018 when it exited after four years of operation. It rejoined in 2020 when it secured registration from the Japanese regulator.

As it noted in its statement, the move is part of a strategy to drive its “long-term” success. It also referred to “current market conditions” in Japan and a “weak global crypto market”.

Its customers in Japan will have until January 31 to withdraw their funds from the platform and will not be allowed to deposit funds from January 9.

Kraken is one of the world’s largest crypto exchanges, processing a transaction volume of $408.9 billion a day

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