Crypto exchange Kraken announced on Wednesday that it has decided to cease its operations in Japan and deregister from the Financial Services Agency (JFSA) effective January 31, 2023.
The company explained that the decision to exit the Japanese cryptocurrency market is part of its efforts to prioritize resources and investments in areas that align with the company’s strategy and best position Kraken for long-term success.
As a result, Kraken will no longer serve customers in Japan via Payward Asia, according to the exchange. In fact, Payward Asia Inc. operates Kraken services in Japan.
Additionally, Kraken announced that all affected customers have until January 31 to withdraw their fiat and crypto holdings, noting that the deposit functionality will be removed on January 9. Kraken finally reassured customers that the platform is fully funded to ensure that all affected customers can collect goods in a timely manner.