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Cryptocurrency exchange Kraken confirmed in a blog post Wednesday that it will exit the Japanese market by the end of January 2023. The news comes at a time of weak market sentiment and an ongoing bear market.
In a translated release, Kraken Japan said:
exchange optimization investment resources
It also said the decision is consistent with Kraken’s global strategy of prioritizing resources for the company’s long-term performance. Meanwhile, Kraken Tokyo operator Payward Asia will allow users to withdraw and transfer funds until the closing deadline. .
Kraken will be retiring account deposit functionality on January 9th. However, users can still trade and convert crypto assets. Additionally, the exchange has confirmed that it will lift the January withdrawal limit to allow for full withdrawals. “Kraken has sufficient liquidity to allow all clients affected by this decision to withdraw their assets quickly.”
Kraken ensures sufficient liquidity
This relief comes a few weeks after Binance CEO Changpeng Zhao infuriated Kraken by offering a high annualized yield (APY) when announcing layoffs.
Last month, Kraken announced it would cut its workforce by 30%, or 1,100 jobs. Several cryptocurrency businesses have admitted to facing tough liquidity conditions after FTX fell. Before that, in 2022, the bankruptcy of Terra Luna and the bankruptcy of Celsius also shook the market.
The crypto market wiped out over $1 trillion in cumulative market cap last year. At press time, the global cryptocurrency market capitalization remains close to $832 billion. Additionally, Bitcoin has lost more than 75% of its value since his $69,000 peak in November 2021.
Kraken is confident that the decision to withdraw from Japan will not have a significant impact on the exchange’s overall operations.
Disclaimer
BeInCrypto has reached out to the companies or individuals involved in the story to obtain an official statement regarding the recent developments, but has yet to hear back.
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