US Crypto Trading Platform Kraken Announces it is Leaving the Japanese Market

Crypto exchange Kraken has announced the suspension of its activities in Japan from January 31, 2023 and deregistration with the FSA, the country’s financial regulator.

The platform said:

“We sincerely apologize. As a result of studying the crypto assets market, we considered it unjustified to spend resources on further business development in Japan.”

Kraken has clarified that the decision will not have an impact on the rest of the business due to the fact that the exchange is fully secured and has sufficient liquidity.

Japanese clients can withdraw cryptocurrencies to external wallets or liquidate a portfolio to transfer fiat to bank accounts.