Crypto exchange Kraken confirmed on Wednesday it would stop its operations in Japan in January. The exchange cited current market conditions and weak global crypto market as the reason behind the decision.
Kraken stated that it will suspend deposits from Japanese clients from 9 January and by 31 January, they will have all their fiat and crypto holdings withdrawn. By that time, the exchange will also deregister from Japanese Financial Services Agency (JFSA).
The US-based crypto exchange said it has enough funds to ensure all clients can withdraw their assets in that period. Clients will be offered the option to transfer their crypto funds to a third-party wallet or convert them to Japanese yen.
Kraken initially launched services in Japan in 2014 and pulled out in 2018. The exchange returned to the Japanese market in 2020 through Tokyo-based subsidiary, Payward Asia, as part of a larger plan to expand its services into APAC markets.
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