• Kraken will shut its operation in Japan and deregister with the country’s Financial Services Agency on Jan. 31, 2023.
• Affected users should withdraw their funds before Jan.31, and deposits will be suspended by Jan. 9.
• Kraken pulled out of Japan in 2018 and re-entered the market in 2020, but is now laying off roughly 1000 people due to the challenging market conditions.
Kraken, a leading cryptocurrency exchange, recently announced that it will be shutting down its operations in Japan by the end of January 2023. The decision was made due to the challenging market conditions in Japan in combination with the weak crypto market. In order to prioritize its overall business, Kraken will be deregistering with the Financial Services Agency in Japan by January 31st, 2023.
Affected users are expected to withdraw their funds before January 31st, 2023, and deposits will be suspended by January 9th, 2023. Kraken has also removed withdrawal limits so users can transfer their funds to an external wallet or liquidate their portfolio to withdraw from a domestic bank. For those who have staked their digital assets on Kraken, the exchange has provided information about the unstaking process for staked Ethereum.
Kraken had previously pulled out of Japan in 2018, citing the rising cost of doing business in the country. However, the exchange re-entered the Japanese market in 2020. Unfortunately, due to the challenging market conditions and weak crypto market, Kraken has now announced that it will be laying off roughly 1000 people from its global workforce.
Kraken is committed to ensuring a smooth transition for its users and providing them with the best possible experience. The exchange is also working on providing more information and assistance to those affected by the closure. It is a difficult decision to make, but one that Kraken believes is necessary in order to ensure the future success and sustainability of their business.