Image Source: reuters.com

Crypto exchange Kraken to stop operations in Japan

Kraken, a US-based cryptocurrency exchange, announced that it would shut down operations in Japan.

Kraken will deregister itself from JFSA on Jan 31, at which point clients will be required to retract their crypto holdings.

Kraken stated that it is funded entirely to make sure that almost all influenced clients can withdraw their investments as soon as possible.

Kraken announced last month that it is planning to decrease its workforce by 30 percent.

Bitcoin, the world’s most valuable cryptocurrency, has lost 60 percent of its value this year.

The overall crypto market has shrunk by US $1.4 trillion.

Due to Japan's current market conditions and global crypto conditions, Kraken is shutting down.

Kraken went out of business in Japan in the year 2018 but relaunched in Tokyo after two years.

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