An important crypto exchange stopped operations
Cyrptocurrencies have been having hard time for a while now, and now an important crypto exchange stopped operations in Japan.
Cryptocurrencies market have been under lots of pressure, in that sense now an important exchange also stopped operations in Japan. Kraken, a crypto exchange based in the United States, announced on Wednesday that it would cease operations in Japan next month, citing the country's current market conditions and a weak crypto market worldwide. According to a statement, Kraken will deregister from the Financial Services Agency (JFSA) on January 31, at which point customers will have to withdraw their crypto and fiat holdings. To ensure that all affected clients can withdraw their assets promptly, Kraken stated that it is fully funded.
An important crypto exchange stopped operations
Due to the fact that tough market conditions had hampered demand for digital assets, Kraken announced last month that it would reduce its workforce by 30%, or approximately 1,100 employees. The most popular cryptocurrency, Bitcoin, has lost 60% of its value this year, and the overall cryptocurrency market has shrunk by $1.4 trillion as a result of Sam Bankman-Fried's FTX empire, Celsius, and the alleged "stablecoins," TerraUSD and Luna, collapsing.
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