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Crypto Exchange Kraken to End Japan Operations
The company will close shop in the country at the end of January.
Updated May 9, 2023, 4:05 a.m. Published Dec 28, 2022, 9:44 a.m.
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Cryptocurrency exchange Kraken said it will exit Japan and deregister from the Financial Services Agency as of Jan. 31.
The decision was prompted by "current market conditions in Japan in combination with a weak crypto market globally," the company said in a blog post on Wednesday.
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Kraken users in the country have until the end of next month to withdraw their fiat and crypto holdings, with the option of transferring crypto to another wallet or wiring Japanese yen to a local bank.
Jesse Powell, a co-founder of the exchange, departed from his role as CEO in September. He was to be replaced by Chief Operating Officer Dave Ripley. The company cut 30% of its global workforce two months later as the crypto market continued to stagnate following the collapse of rival exchange FTX.
Kraken will now prioritize resources and investments to ensure the long-term stability of the exchange, the blog post said.
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Kraken continues acquisition streak by buying token management firm Magna ahead of IPO push
The deal adds token lifecycle infrastructure to Kraken’s growing product suite.
What to know:
- Payward, Kraken’s parent company, has acquired token operations firm Magna.
- Magna is used by crypto teams to manage token vesting, claims and distributions. It serves 160 clients and had a peak total value locked of $60 billion on its platform last year.
- Kraken has made a string of acquisitions to expand and raised $800 million last year at a $20 billion valuation.
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