Kraken Leaves Japan’s Market

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US cryptocurrency exchange Kraken, which was among the blockchain companies that were forced to lay off some of their employees due to unfavorable market conditions, has announced its intention to leave the Japanese market at the end of January 2023.

According to the press release shared by the company:

“The current situation in the Japanese market, as well as the weakening of the global cryptocurrency market, has led to the fact that the use of our resources to develop business in Japan will not be justified.
Exchange users have until January 31 to withdraw funds from wallets or convert them into Japanese yen. Replenishment of deposits will be stopped from January 9th.”

Recall the company announced earlier this minth that up to 30% of the staff would be fired.