Kraken quits Japan as crypto exchange volumes slide
Quick Take
- A month after laying off 30% of its workforce, Kraken will cease operations in Japan as of Jan. 31.
- “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,” the company said.
Kraken is quitting Japan. A month after laying off 30% of its workforce, the crypto exchange will cease operations in the country as of Jan. 31.
“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,” the company said in a blog post. “The decision is part of Kraken’s efforts to prioritize resources and investments in those areas that align with our strategy and will best position Kraken for long term success.”
Kraken said it is fully funded and that all affected clients can withdraw assets in a timely manner. Users can withdraw crypto holdings to an external wallet or liquidate funds and transfer to a domestic bank account.
"Funds currently staked with Kraken can be unstaked and transferred or converted as desired," the company said. "Kraken will soon be distributing additional info regarding the ETH unstaking process shortly."
Exchanges have seen volumes slump since 2021 along with cryptocurrency prices, according to The Block Research.
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