Cryptocurrency exchange Kraken suspends services in Japan doing. The company explained that the current market conditions in Japan and the weakness of the global cryptocurrency market do not justify the resources needed to further grow its business in Japan at this time.14}
Kraken withdraws from Japan
Cryptocurrency exchange Kraken said Wednesday that it will “suspend operations in Japan and deregister with the Financial Services Agency (JFSA) as of January 31, 2023. announced that it had decided to
The company said its decision to withdraw from the Japanese crypto market was part of its “effort to prioritize resources and investments” in areas aligned with its strategy, and it believes it is “a key driver for long-term success.” Details of the announcement:
Current market conditions in Japan, combined with the downturn in the global cryptocurrency market, will put the Kraken in the best position for It means that the resources you need to grow your business further are not justified at this time.
“As a result, Kraken will no longer serve Japanese customers through Payward Asia,” the exchange confirmed. Payward Asia Inc. operates his Kraken service in Japan.
All affected clients must withdraw their holdings of fiat and cryptocurrencies by Jan. 31, the announcement added, while the deposit feature will be removed on his Jan. 9. It points out that All affected clients will be able to withdraw their assets in a timely manner. “
The cryptocurrency market has taken a big hit this year, with Bitcoin down more than 65% year-to-date. The collapse of the Terra ecosystem in May and the implosion of FTX last month negatively impacted many cryptocurrency companies, leading many to bankruptcy, including FTX, Three Arrows Capital (3AC), Voyager Digital, Celsius Network and Blockfi. I was forced to apply.
“Since the beginning of the year, macroeconomic and geopolitical factors have weighed on financial markets. ,” Kraken CEO Jesse Powell elaborated last month. “Unfortunately, the negative impact on financial markets continues and we have exhausted our desirable options for matching costs to demand.” announced that it will reduce its workforce by 30%, or about 1,100.
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