Kraken, a crypto exchange based in the United States, announced on Wednesday that it will cease operations in Japan next month, citing the country’s current market conditions as well as a weak crypto market globally. Kraken will deregister from the Financial Services Agency (JFSA) on January 31, at which point clients will be required to withdraw their fiat and cryptocurrency holdings, according to a statement. Kraken stated that it is fully funded to ensure that all affected clients can withdraw their assets as soon as possible. Kraken announced last month that it would reduce its workforce by 30%, or approximately 1,100 employees, as market conditions hampered demand for digital assets.
