US-based crypto exchange Kraken to cease its crypto operations in Japan next month as per the blog post according to the latest blog post on Wednesday, 28th Dec.
Kraken to stop its Japanese subsidiary, Payward Asia, and will deregister from the Financial Services Agency (JFSA) as of Jan. 31.
As per Kraken, all Japanese clients have time till Jan to withdraw their crypto and fiat holdings. All kraken users are advised to move their crypto to an external wallet or convert to Japanese Yen & then transfer to bank account.
All Kraken customers will no longer be able to deposit their funds after 9th Jan and funds will not be withdrawn until Jan 31st.
This is the 2nd time Kraken has left the Japanese market. The first was in 2018 when it closed four years after initially establishing operations in 2014. It relaunched in the country in 2020 after securing registration from the regulator.
Kraken said the move was “part of Kraken’s efforts to prioritize resources and investments in those areas that align with our strategy and will best position Kraken for long term success.”
This year on Nov 30th the firm layoff 1100 & 30% of it’s workforce a move it said was needed to “adapt to current market conditions.”