Crypto Market Continues to Weaken, Kraken Stops Operations in Japan

JAKARTA - U.S.-based crypto exchange. Kraken announced on Wednesday, December 28 that they will be stopping their operations in Japan next month. This is due to the current market conditions in the country and the weak crypto market globally.

“Kraken will deregister from the Financial Services Authority (JFSA) on January 31, at which time clients must withdraw their fiat and crypto holdings,” Kraken said in a statement, quoted by Reuters.

Kraken says they are fully funded to ensure that all affected clients are able to withdraw their assets in a timely manner.

Last month, Kraken said it would reduce its workforce by 30%, or about 1.100 employees, as difficult market conditions have crippled demand for digital assets.

Bitcoin, the flagship cryptocurrency, has lost 60% of its value this year, while the broader crypto market has shrunk by $1.4 trillion, squashed by the collapse of Sam Bankman-Fried's FTX empire, Celsius and supposedly 'stablecoin' Terra Luna.