Comments
December 28U.S.-based crypto exchange Kraken said on Wednesday it would cease its operations in Japan next month, citing the current market conditions in the country and a weak crypto market globally.
Kraken will deregister from the Financial Services Agency (JFSA) as of January 31, by which time clients would have to withdraw their fiat and crypto holdings, it said in a statement.
Also read: CoinDCX Ventures to deploy ₹50 crore in 2023, looks at new investment themes
Kraken said it is fully funded to ensure that all affected clients could withdraw their assets in a timely manner.
Last month, Kraken said it would reduce its workforce by 30 per cent, or about 1,100 employees, as tough market conditions had crippled demand for digital assets.
Bitcoin, the pre-eminent cryptocurrency, has lost 60 per cent of its value this year, while the wider crypto market has shrunk by $1.4 trillion, squashed by the collapse of Sam Bankman-Fried's FTX empire, Celsius and supposed 'stablecoins' terraUSD and Luna.
Also read: Crypto collapse leaves Nigerian student ambassadors in lurch
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.