Sunset for Kraken in Japan

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Cryptocurrency exchange Kraken said it will leave Japan and deregister from the Financial Services Agency starting Jan. 31. The decision was prompted by “current market conditions in Japan in combination with a weak global crypto market,” the company said in a blog post. Kraken users in the country have until the end of next month to withdraw their fiat and crypto holdings, with the option to transfer the crypto to another wallet or wire the Japanese yen to a local bank.

Bitcoin miner Argo Blockchain will avoid filing for bankruptcy after agreeing to sell its Helios mining facility in Dickens Country, Texas to Galaxy Digital for $65 million. The miner will also get a new $35 million loan from financier Mike Novogratz’s crypto-focused financial services firm, which will be secured by Argo’s mining equipment. The transaction will help Argo strengthen its balance sheet and avoid bankruptcy after it found itself in a precarious position when a $27 million financing deal fell through in October.

Former FTX CEO Sam Bankman-Fried borrowed hundreds of millions of dollars from Alameda Research, the trading company he owned, to buy his stake in trading app Robinhood Markets. In an affidavit provided to a Caribbean court before his arrest, Bankman-Fried said he and FTX co-founder Gary Wang borrowed more than $546 million from Alameda through promissory notes in April and May. They used that money to capitalize Emergent Fidelity Technologies Ltd., the front company that bought a 7.6% stake in Robinhood in May.

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