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Crypto exchange Kraken to halt operating in Japan

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Kraken plans to cease operations in Japan at the end of January, the cryptocurrency exchange announced Wednesday.

The deadline for Japanese Kraken clients to withdraw their assets was set for January 31, when the exchange announced it would deregister with the Japanese Financial Services Agency. according to Posting on that website. The Kraken says, “Prioritize resources, investment The company said it would “optimally position the company” for long-term success in areas aligned with its strategy.

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current market conditions Combined with the global cryptocurrency market slump in Japan, this means that the resources needed to further grow our business in Japan are not justified at this time.”

Cryptocurrency mixing platform Tornado Cash is under U.S. sanctions for suspected money laundering. (Reuters/Dad Lubitsch/Illustration/Reuters)

some popular cryptocurrencies Their prices have fallen significantly since the beginning of the year.

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BitcoinFor example, Ethereum and Cardano are down over 68% and 80% respectively, while they are down over 65%. 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 removed its withdrawal limit in January to help affected clients. cash For subsequent transfers to bank accounts, according to the Post.

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. Legal Affairs Bureau About collection method [their] yen balance. “

Illustration of various virtual currencies

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 exit Japan follows an announcement last month that it would cut its workforce by 30%. Approximately 1,100 employees lose your job.

The layoffs, which are expected to bring the company’s workforce back to where it was about a year ago, are part of Kraken’s efforts to survive the “crypto winter” and “adapt to the environment.” current market conditions‘, according to a business update from CEO Jesse Powell.

Kraken is currently available in 190 countries, according to its website.

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