Crypto exchange Kraken to shut its Japan operations after global layoffs

Crypto exchange Kraken to shut its Japan operations after global layoffs

U.S.-based crypto exchange Kraken will cease its operations in Japan from next month, citing the country’s current market situation and a frail global crypto market.

Kraken will deregister from the Financial Services Agency (JFSA) as of Jan. 31, by which time customers would have to withdraw their fiat and crypto holdings, it said in a statement.

Kraken said it is fully funded to ensure all affected clients can withdraw their assets promptly.

Last month, Kraken said it would downsize its workforce by 30%, or about 1,100 employees, as challenging market conditions had crippled demand for digital assets.

The pre-eminent cryptocurrency has lost 60% of its value this year. In contrast, the broader crypto market has shrunk by $1.4 trillion, squashed by the collapse of Sam Bankman-Fried’s FTX empire, Celsius, and supposed ‘stablecoins’ terraced and Luna.

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