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Kraken, an American crypto exchange, announced Wednesday that it would cease operations in Japan in March
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Due to the weak crypto market globally and the current market conditions.
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Kraken will be deregistered from the Financial Services Agency JFSA on Jan 31.
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Clients would then have to withdraw fiat or crypto holdings, Kraken stated in a statement.
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Kraken stated that the company is fully funded to allow clients to withdraw their assets promptly.
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Kraken announced last month that it would cut its workforce by 30%, or approximately 1,100 employees, due to tough market conditions.
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The wider crypto market has plummeted by $1.4 trillion due to the collapse of Sam Bankman Fried's FTX empire, Celsius, and Luna.