• Kraken is exiting Japan and deregistering from the Financial Services Agency as of Jan. 31.
• Kraken users in the country have until the end of next month to withdraw their fiat and crypto holdings.
• Kraken is prioritizing resources and investments to ensure the long-term stability of the exchange.
Cryptocurrency exchange Kraken recently announced their exit from Japan and deregistration from the Financial Services Agency as of January 31st. This news came after a combination of the current market conditions in Japan in combination with a global weak crypto market. Those who have been using the exchange in Japan have until the end of the month to withdraw their fiat and cryptocurrency holdings either by transferring crypto to another wallet or wiring Japanese yen to a local bank.
Kraken’s team is also making sure to prioritize resources and investments to ensure the long-term stability of the exchange. This decision comes after Jesse Powell, co-founder of the exchange, departed from his role as CEO in September and was replaced by Chief Operating Officer Dave Ripley. In addition, the company had to cut 30% of its global workforce two months later due to the crypto market continuing to remain stagnant following the collapse of rival exchange FTX.
Kraken is now aiming to focus on other areas and continue to provide the best services and support to its customers in order to ensure the long-term success of the exchange. They are committed to providing the best experience for their users and will continue to strive for excellence.