Kraken to Exit Japan in January 2023: What You Need to Know

Cryptocurrency exchange Kraken has decided to exit the Japanese market in a bid to prioritise its resources at a time when the global crypto industry is undergoing a slump. Kraken has decided to cease its operations in Japan and deregister from the Financial Services Agency (JFSA) as of Janu. 2023. This major development has significant implications for Kraken users in Japan and the broader crypto landscape.

Why is Kraken Leaving Japan?

Explaining the rationale behind its decision, Kraken cited the current market conditions. Kraken crypto exchange on Wednesday announced that it will stop offering trading services through its subsidiary, Payward Asia, in Japan on Janu. 2023. The decision reflects Kraken's strategy to focus on core markets where it sees stronger opportunities for sustainable growth. Kraken Kraken will shut down its operations in Japan and deregister with the Financial Services Agency on Janu. 31, 2023, according to a Dec. 28 announcement.

Important Dates for Kraken Japan Users

If you're a Kraken customer in Japan, understanding the timeline is crucial. According to the exchange, the most important date to remember is Janu. 31, 2023. In accordance with guidance from the JFSA, all affected Kraken clients have until Janu. 31, 2023, to withdraw their fiat and crypto holdings from Kraken’s platform. You must withdraw all your assets before this deadline.

What Happens Next?

Kraken's departure represents a significant shift in the Japanese crypto market. Stay tuned for updates on how this will affect the overall crypto environment in Japan. Ensure you withdraw your funds promptly before the Janu. 31, 2023 deadline to avoid any complications.