• Kraken, a cryptocurrency exchange, has announced it will exit Japan and deregister from the Financial Services Agency as of Jan. 31.
• Kraken users in Japan have until the end of next month to withdraw their fiat and crypto holdings.
• The decision is prompted by market conditions in Japan in combination with a weak crypto market globally.

Kraken, a cryptocurrency exchange, has announced its plans to exit Japan and deregister from the Financial Services Agency as of Jan. 31. The move is due to the current market conditions in Japan in combination with a weak crypto market globally.

Kraken users in Japan have until the end of next month to withdraw their fiat and crypto holdings. They have the option of transferring crypto to another wallet or wiring Japanese yen to a local bank.

The decision to exit the Japanese market comes after a series of changes within Kraken. In September, co-founder Jesse Powell departed from his role as CEO and was replaced by Chief Operating Officer Dave Ripley. In November, the company cut 30% of its global workforce in response to the crypto market’s stagnation following the collapse of rival exchange FTX.

Kraken plans to prioritize resources and investments to ensure the long-term stability of the exchange. By exiting the Japanese market, the company hopes to focus on building a strong foundation for its operations as the crypto market begins to recover.