{"id":15928,"date":"2022-12-29T06:07:01","date_gmt":"2022-12-29T06:07:01","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/kraken-shutting-down-crypto-exchange-in-japan-citing-weak-global-crypto-market-exchanges-bitcoin-news\/"},"modified":"2022-12-29T06:07:01","modified_gmt":"2022-12-29T06:07:01","slug":"kraken-shutting-down-crypto-exchange-in-japan-citing-weak-global-crypto-market-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/kraken-shutting-down-crypto-exchange-in-japan-citing-weak-global-crypto-market-exchanges-bitcoin-news\/","title":{"rendered":"Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Cryptocurrency exchange Kraken is shutting down services in Japan. The company explained that the current Japanese market conditions and a weak global crypto market do not justify the resources needed to further grow its business in Japan at this time.<\/strong><\/p>\n

Kraken Exiting Japan<\/h2>\n

Cryptocurrency exchange Kraken announced Wednesday that it has decided to \u201ccease its operations in Japan and deregister from the Financial Services Agency (JFSA) as of January 31, 2023.\u201d<\/p>\n

The company explained that the decision to exit the Japanese crypto market is part of its \u201cefforts to prioritize resources and investments\u201d in the areas that align with the company\u2019s strategy and \u201cwill best position Kraken for long-term success.\u201d The announcement details:<\/p>\n

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Current market conditions in Japan in combination with a weak crypto market globally mean the resources needed to further grow our business in Japan aren\u2019t justified at this time.<\/p>\n<\/blockquote>\n

\u201cAs a result, Kraken will no longer service clients in Japan through Payward Asia,\u201d the exchange affirmed. Payward Asia Inc. operates Kraken\u2019s services in Japan.<\/p>\n

All affected clients have until Jan. 31 to withdraw their fiat and crypto holdings, the announcement adds, noting that deposit functionality will be removed on Jan. 9. Kraken also assured customers that it is \u201cfully funded to ensure all affected clients can withdraw their assets in a timely manner.\u201d<\/p>\n

The crypto market has suffered significantly this year, with bitcoin falling more than 65% year-to-date. The Terra ecosystem collapse in May and the FTX implosion last month have negatively impacted many crypto companies, and a number of firms ended up having to file for bankruptcy, including FTX, Three Arrows Capital (3AC), Voyager Digital, Celsius Network, and Blockfi.<\/p>\n

\u201cSince the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups,\u201d Kraken CEO Jesse Powell detailed last month. \u201cUnfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand.\u201d Kraken announced in November that it is reducing its global workforce by 30% or approximately 1,100 people \u201cin order to adapt to current market conditions.\u201d<\/p>\n

What do you think about Kraken exiting the Japanese crypto market? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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