Kraken Pulls Out Of Japan Again After Citing Undesirable Market Conditions
Notable crypto exchange Kraken has decided to close its operations in Japan for the second time after mentioning a strain on its resources in the face of a weak market.
In a blog post published on December 28th, Kraken announced that it has decided to cease operations in Japan and deregister from the Financial Services Agency by January 31st, 2023, as part of efforts to prioritize resources and investments going forward.
The exchange stated that current market conditions in Japan, combined with a weak crypto market globally, mean that the resources required to further expand business operations in the country cannot be justified as of this moment. Therefore, Kraken would no longer serve clients in Japan via Payward Asia.
Kraken appears to have prioritized cost-cutting in recent months. On November 30th, the exchange made one of its most controversial decisions to reduce its global workforce by approximately 1,100 people, or 30% of its headcount, due to difficult and uncertain market conditions.
Kraken also indicated that lower trading volumes and fewer client sign-ups contributed to the decision and that the changes were needed to sustain longevity for the business.
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