The decision is part of Kraken’s efforts to “prioritize resources” and investments.
“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.”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.
The platform even began spot trading for five crypto-assets, including Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin, keeping Tokyo as its base. Amid a renewed interest in crypto assets in 2021, PaywardADVERTISEMENT Meanwhile, any remaining funds will be transferred to a Guaranty Account at the Legal Affairs Bureau in accordance with legal requirements. Users will have to coordinate with the Legal Affairs Bureau on how to retrieve their JPY balance if they fail to take any action before the deadline.FTX’s downfall sent shockwaves through the industry. The unraveling not only exacerbated the crypto winter but also set the stage for a long-term decline.
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