Crypto exchange Kraken to halt operations in Japan

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Dec 28 (Reuters) – U.S.-based crypto exchange Kraken said on Wednesday it would cease operations in Japan next month, citing current market conditions in the country and weakness in the crypto market worldwide.

Kraken will deregister from the Financial Services Agency (JFSA) effective January 31, when customers will be required to withdraw their fiat and crypto holdings, it said in a statement.

Kraken said it is fully funded to ensure all affected customers can withdraw their assets in a timely manner.

Last month, Kraken announced it would cut its workforce by 30%, or about 1,100 employees, as tough market conditions had crippled demand for digital assets.

Bitcoin, the preeminent cryptocurrency, has lost 60% of its value this year, while the broader crypto market has shrunk by $1.4 trillion, crushed by the collapse of Sam Bankman’s FTX empire. -Fried, Celsius and the supposed “stablecoins” terraUSD and Luna.

(Reporting by Rhea Binoy in Bengaluru; Editing by Savio D’Souza)

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