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Crypto exchange kraken confirmed in a blog on Wednesday as it would leave the Japanese market in late January 2023. The news comes in the context of the weakness of market sentiment and the downward trend in prices.
Within a translation , Japanese kraken declared, 'based on the current landscape of the Japanese market and the decline of the world cryptography market, We concluded that Kraken would find it difficult to invest the necessary resources to develop its business in Japan.”
Trading Value for money.
It also said that the decision is consistent with Kraken’s worldwide strategy of prioritizing resources toward the company’s long-term performance. During this time, kraken Tokyo operator payward Asia will enable users to withdraw or transfer their funds until the closing deadline. After that, the exchange shall cease to exist in the registry of the financial services agency of Japan (jfsa).
Kraken will be removing the deposit feature from January. 9. However, users still have the ability to perform transactions to convert their crypto assets. Furthermore, the Exchange has confirmed that it will lift the January withdrawal restrictions to allow full withdrawals. He also said, "Kraken has enough cash to allow all customers affected by this decision to quickly withdraw their assets."
Kraken has plenty of cash.
The reassurance comes a few weeks after BINANCE CEO, Changpeng Zhao, took a jibe at Kraken for giving high annual percentage yields () while announcing layoffs.
Last month, Kraken revealed that he was reducing his staff by 30 per cent, or 1 per cent. Following the collapse of ftx, several crypto companies have agreed to deal with difficult liquidity conditions. Previously, the collapse and bankruptcy in degrees Celsius also rocked the market in 2022.
The crypto market has wiped off over a trillion in cumulative market capitalization in the last year. At the time of the press, the capitalization of the world market of cryptocurrencies remains close to 832 billion dollars. Lost over 75 per cent of its value since peaking at $69,000 in November 2021.
Kraken has assured that the decision to withdraw from Japan will not materially affect the overall operations of the stock exchange.
