Kraken Stop Crypto Activity in Japan
2022.12.28 00:50
Kraken Stop Crypto Activity in Japan
Budrigannews.com – Kraken, a crypto exchange based in the United States, announced on Wednesday that it would cease operations in Japan next month. The company cited the state of the country’s market as well as a weak crypto market worldwide.
According to a statement, Kraken will deregister from the Financial Services Agency (JFSA) on January 31, at which point customers will have to withdraw their crypto and fiat holdings.
To ensure that all affected clients can withdraw their assets promptly, Kraken stated that it is fully funded.
Due to the fact that tough market conditions had hampered demand for digital assets, Kraken announced last month that it would reduce its workforce by 30%, or approximately 1,100 employees.
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This year, the most valuable cryptocurrency has lost 60% of its value, and the overall cryptocurrency market has shrunk by $1.4 trillion as a result of Sam Bankman-Fried’s FTX empire, Celsius, and the supposed “stablecoins” terraUSD and Luna’s collapse.
