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Senator John Thune (RS.D.) reacts to the arrest of FTX founder Sam Bankman-Fried in “The Evening Edit.”
Kraken plans to cease operations in Japan at the end of January, the cryptocurrency exchange announced Wednesday.
According to a posting on Kraken’s website, the deadline for Japanese Kraken customers to withdraw their assets was set for January 31, when the exchange announced it would be deregistered from Japan’s Financial Services Agency. Kraken said it is exiting the country to “prioritize resources and investments in areas aligned with our strategy and best position the company for long-term success.”
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“The current market conditions in Japan combined with the sluggishness of the global cryptocurrency market means that the resources needed to further grow our business in Japan are not justified at this time,” Kraken said. said. “As a result, Kraken will no longer serve Japanese clients through Payward Asia.”
Cryptocurrency mixing platform Tornado Cash is under U.S. sanctions for suspected money laundering. (Reuters/Dad Lubitsch/Illustration/Reuters)
Some popular cryptocurrencies have seen their prices drop significantly year-to-date.
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For example, Bitcoin is down over 65%, while Ethereum and Cardano are down over 68% and 80% respectively. Another cryptocurrency, Solana, has fallen more than 90%.
Some popular cryptocurrencies have seen their prices drop significantly year-to-date. (Reuters/Dado Ruvic/Illustration/File / Reuters Photos)
Kraken said it has lifted its withdrawal limit in January to help affected clients. We will maintain trading functionality in January beyond the date we stop allowing deposits to our platform to facilitate conversions and transfers to bank accounts.
The cryptocurrency exchange said it will convert “remaining non-yen fiat currencies (US dollars, euros, etc.) and cryptocurrency holdings” into Japanese yen after the Jan. 31 deadline.Acquisition method [their] yen balance. ”
Kraken plans to cease operations in Japan at the end of January, the cryptocurrency exchange announced Wednesday. (Reuters/Dado Ruvic/Illustration / Reuters Photos)
Kraken Cuts 1,100 Workers With “CRYPTO WINTER”
Kraken’s decision to pull out of Japan follows last month’s announcement that it would cut its workforce by 30%, which would equate to the loss of about 1,100 employees.
The layoffs, which are expected to bring the company’s workforce back to levels of about a year ago, are part of Kraken’s efforts to survive a “crypto winter” and “adapt to current market conditions,” said the CEO. says Jesse Powell of Business Update. .
Kraken is currently available in 190 countries, according to its website.
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