Kraken said it could not justify deploying the resources needed to further grow its business in Japan and it will pull out of the market in January. It's the second time Kraken has shut up shop in Japan.
Global cryptocurrency exchange Kraken has decided to pull its operations in Japan for the second time, citing a strain on its resources amid a “weak crypto market.”, Kraken said it has decided to cease its operations in Japan and deregister from the Financial Services Agency by Jan. 31, 2023, which it said was part of efforts to “prioritize resources” and investments, stating:
“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’t justified at this time.”Kraken’s Japanese-facing exchange is operated by its subsidiary Payward Asia Inc.in Apr. 2018 so that it could better focus its resources on growth in “other geographical areas.”
In Oct. 2020, the subsidiary decided to relaunch with a headquarters in Tokyo, offering spot trading on five major assets with plans to expand. The second iteration has now come to an end, with Kraken committing to allowing all affected clients to withdraw their funds from the exchange by Jan. 31, 2023, at the latest.
Users can withdraw crypto holdings to an external wallet, or convert the portfolio to Japanese Yen and then transfer it to a domestic bank account. Withdrawal limits will be removed in January and there will also be a process to allow users to retrieve their staked Ether which will be shared shortly.There has never been a dull moment in crypto, and this year was no different.
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