Why is Kraken Halting Operation In Japan

Story: Divya Sinha

As per the reports, Kraken, a US based cryptocurrency exchange has announced that it will halt its operations in Japan from next month.

Kraken citied current market situation in the country in combination with a weak crypto market globally as the reason for halting operations.

The company said in a statement, it will deregister from the Financial Services Agency by January 31.

Kraken said customers should withdraw their holdings of fiat and cryptocurrencies by that time.

Kraken added that it is sufficiently funded to allow all affected customers to withdraw their assets in a timely manner.

Previously, it was reported that Kraken announced that it would cut its workforce by 30% due to difficult market conditions for digital assets.

Cryptocurrency prices have plummeted in 2022 and Bitcoin price has lost 60% of its value this year.