Cryptocurrency exchange Kraken is closing down its operations in Japan at the end of January due to current market conditions.
In a blog post, the company explained that it does not have the resources to continue growing its business in Japan at this time.
As a result, Kraken will deregister from Japan’s Financial Services Agency, the regulator responsible for overseeing the stability of the country’s financial system.
All affected clients will have to withdraw their cryptocurrency and fiat currency from Kraken by the end of January.
They can either withdraw their cryptocurrency to an external wallet or sell it and withdraw Japanese yen to a domestic bank account. Deposits will no longer be accepted after January 9, but trading will continue until the end of the month.
After February 1, Kraken will automatically convert any remaining non-yen fiat currency and cryptocurrency holdings to Japanese yen and will charge a buying fee.
The remaining yen will then be transferred to a guaranty account at Japan’s Legal Affairs Bureau.