US Exchange Kraken to Exit the Japanese Market

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Crypto exchange Kraken has announced it plans to suspend its activities in Japan an deregister from the country’s regulator FSA from January 2023.

According to the statement:

“We sincerely apologize. As a result of studying the crypto assets market, we considered it unjustified to spend resources on further business development in Japan.”

The exchange has clarified that the decision will not have an impact on the rest of the business, as the exchange is fully secured and has sufficient liquidity.

Japanese clients have the possibility to withdraw cryptocurrencies to external wallets or liquidate a portfolio to transfer fiat to bank accounts.

Kraken laid off 30% of its employees last month in order to “adapt to current market conditions.”