Kraken Is Leaving Japan Due to the Bad Market Conditions
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Kraken, a cryptocurrency exchange with headquarters in the United States, has stated that it would stop operating in Japan, making it the newest participant to cut its workforce following a disastrous year for digital assets.
Sorry to read Kraken announced today they are shutting down in Japan as of January 31, 2023 ~ citing efforts to prioritize resources.
Mr. @yoshitaka_kitao of SBI VC Trade on the other hand, announced new staking for ADA, Tezos, Polka Dot and AVAX. https://t.co/RXIGxvj7IH pic.twitter.com/bnVmC9Qfse
— ☀🌸Crypto Eri 218k Followers (beware of imposters) (@sentosumosaba) December 28, 2022
According to Kraken, it would be challenging for the company to commit the required resources to continue expanding its business in Japan given the present state of the Japanese industry and the weak overall cryptocurrency market.
Kraken Leaves Japan As the Crypto Market Declines
Kraken, a cryptocurrency exchange with headquarters in the US and a 2011 founding date, has announced its intention to leave Japan. As a result of FTX’s demise, the platform points to poor market circumstances. The crypto exchange in Japan will be shut down by the end of January 2023.
According to a statement on the Kraken official blog, Kraken came to the conclusion that it would be impossible for Kraken to commit the required resources to continue building its company in Japan because of the present environment surrounding the Japanese market and the slow global cryptocurrency market.
.@krakenfx announced it will shut down operations for Japanese customers#cryptonews #crypto #CryptocurrencyNewshttps://t.co/wraSe6mq0s pic.twitter.com/TMpWaoLwep
— Coinfomania (@coinfomania) December 28, 2022
The cryptocurrency exchange has advised its Japanese customers to withdraw their money by January 31 to avoid the suspension of deposits starting on January 9. They may either convert their cryptocurrency holdings to Japanese yen and withdraw the funds to a bank account, or they can move their cryptocurrency holdings to a third-party wallet.
Additionally, it guaranteed to have the money on hand to promptly process the withdrawal requests of all of its Japanese clients.
The Kraken’s Second Exit from Japan
This is the second time the company has left the Japanese market. It originally began providing services in the country under the same subsidiary Payward Asia before stopping operations in 2018 to better concentrate its resources in “other geographical locations.”
Kraken:
So same story both 2018 and 2022? Or FUD/fake in 2022-2023?@krakenfx @jespow is 2022-2023 leaving Japan news legit this time? pic.twitter.com/ma8ndkfRiH— 🐺FREKI.FENRIR.hbar.xrp.ada.eth.btc🐺(ℏ) (@Freki_OG) December 28, 2022
In 2020, Payward Asia reestablished the company from its headquarters in Tokyo, providing Japanese citizens with spot cryptocurrency exchange services.
