American cryptocurrency exchange Kraken is sunsetting its services for Japan, blaming a "weak crypto market" on the global scale. The exchange wrote in a blog post that it would cease trading on Payward Asia on Jan. 31, 2023.
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With the move, Kraken wants to "prioritize resources and investments in those areas that align with our strategy and will best position Kraken for long term success." The US-based trading platform also added that "current market conditions in Japan" as well as "weak crypto market globally" influenced the decision to leave the market.
This is the second time when Kraken leaves Japan. The exchange first closed services in the country in 2018, but two years later returned after securing a license from the local regulator.
In late November, Kraken became the latest crypto giant to reorganize its business structure amid the ongoing crypto winter by laying off 1,100 people (or 30% of staff). Kraken CEO, Jesse Powell, said that the move was made in order to "adapt to current market conditions."
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