Kraken announced plans to shut operations in Japan again, citing a weak global crypto market as well as market conditions in the East Asian country.
In a statement, the San Francisco-based crypto exchange said it will deregister from the Financial Services Agency on January 31, 2023. Kraken explained,
“Current market conditions in Japan in combination with a weak crypto market globally mean the resources needed to further grow our business in Japan aren’t justified at this time. As a result, Kraken will no longer service clients in Japan through Payward Asia.”
Kraken’s Tryst With Japan
For the uninitiated, Kraken operated in Japan under its subsidiary – Payward Asia – in Tokyo. The company first launched services in 2014 to Japanese residents but ceased offering trading four years later.
In September 2020, Payward Asia’s registration as a crypto asset exchange service provider with the Financial Services Agency was approved. It kicked off deposits and withdrawals in Jap
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