The crypto exchange Kraken will stop doing business in Japan. Kraken, a cryptocurrency exchange located in the United States, said on Wednesday that it will halt operations in Japan as of the beginning of next month, blaming the present market circumstances in Japan as well as a poor crypto market internationally.
Kraken said in a statement that beginning on January 31st, customers would need to liquidate all of their fiat and cryptocurrency assets before the exchange could formally deactivate from the Financial Services Administration (JFSA).
Kraken has said that it has sufficient financial resources to facilitate the prompt withdrawal of assets for all concerned customers.
Last month, Kraken announced it will lay off 30% of its staff, or roughly 1,100 people, because of the severe decrease in demand for digital assets caused by the current economic climate.
The market cap of all cryptocurrencies has decreased by $1.4 trillion this year due to the failure of prominent projects such as Sam Bankman-FTX Fried’s empire, Celsius, and so-called “stablecoins” like terraUSD and Luna.