Crypto exchange Kraken to shutter its Japan operations after global layoffs

Crypto exchange Kraken said Wednesday that it will stop operations in Japan next month, blaming a 'weak crypto market globally.'

Tiffany Hagler-Geard | Bloomberg via Getty Images

It is the second time Kraken has left the Japanese market. The first was in 2018, when it closed four years after initially establishing operations in 2014. It relaunched in the country in 2020 after securing registration from the regulator. It cited a combination of "current market conditions in Japan" and a "weak crypto market globally" as the reasons behind its decision.

Kraken is one of the world's largest crypto exchanges, processing $408.9 billion of trading volumes per day, according to CoinMarketCap data.On Nov. 30, the firm slashed 1,100 jobs, or 30% of its workforceCrypto has been plagued by all manner of scandals this year, which has been termed the industry's "annus horribilis."

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