{"id":514021,"date":"2022-12-28T12:00:04","date_gmt":"2022-12-28T17:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=514021"},"modified":"2023-03-08T07:26:15","modified_gmt":"2023-03-08T07:26:15","slug":"crypto-winter-pushes-kraken-out-of-japan","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-winter-pushes-kraken-out-of-japan\/","title":{"rendered":"Prolonged Crypto Winter Pushes Kraken Exchange Out Of Japan"},"content":{"rendered":"

The crypto winter is a drawn-out one exacerbated by the collapse of large players such as Terra and the FTX crypto exchange. As crypto businesses continue to feel the effects of the current bear market, another major player, Kraken, has been affected to the point that it has, once again, put a pause on operations in Japan.<\/p>\n

Kraken Consolidating For Crypto The Bear Market<\/h2>\n

Crypto exchange Kraken plans to stop operations in the Japanese market. The exchange said<\/a> this in a government publication in the country which states that it will deregister from the Japan Financial Services Agency (JFSA) on Jan. 31, 2023.<\/p>\n

Related Reading: Terra Classic (LUNC) Beats The Odds With 16% Rally, More Gains Ahead<\/a><\/div>\n

The company cites the current global crypto market state as the reason for this move, saying that \u201cthe resources needed to further grow our business in Japan aren\u2019t justified at this time.\u201d As such, the exchange plans to stop providing services to users in the country.<\/p>\n

The decision comes just a month after Kraken revealed that it was laying off about 30% of its workforce. Given the size of the company and the amount of labor it employs, this came out to about 1,100 employees who lost their jobs at the crypto exchange.<\/p>\n

\"Crypto<\/p>\n

Market cap drops to $759 billion amid prolonged bear market | Source: Crypto Total Market Cap on TradingView.com<\/a><\/pre>\n
As for its users in Japan, the exchange assured that it would allow users to withdraw all of their funds held on the exchange. Users are advised to withdraw all of their fiat currencies and cryptocurrencies being held on Kraken Japan before the Jan. 31 date. Kraken says it has enough funds to enable all users to withdraw assets.<\/p>\n
Related Reading: Why The Bitcoin Mining Hashrate May Not Be Out Of The Woods Just Yet<\/a><\/div>\n
It further added:<\/p>\n
\n
\u201cWe value the trust our clients put in us and we will do what we can to minimise the impact of our decision for you. That\u2019s why we are committed to ensure a seamless transition and we hope the information in this email will help you decide what is the best option for you.\u201d<\/strong><\/p>\n<\/blockquote>\n
In November, the U.S. Treasury Department\u2019s Office of Foreign Assets Control (OFAC) fined Kraken over $362,000 over sanctions violation for providing access to users in Iran. The crypto exchange agreed to settle for this figure with an additional $100,000 committed to implementing sanctions compliance controls.<\/p>\n
Featured image from Outlook India, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The crypto winter is a drawn-out one exacerbated by the collapse of large players such as Terra and the FTX crypto exchange. As crypto businesses continue to feel the effects of the current bear market, another major player, Kraken, has been affected to the point that it has, once again, put a pause on operations in Japan. Kraken Consolidating For Crypto The Bear Market Crypto exchange Kraken plans to stop operations in the Japanese market. The exchange said this in a government publication in the country which states that it will deregister from the Japan Financial Services Agency (JFSA) on Jan. 31, 2023. Related Reading: Terra Classic (LUNC) Beats The Odds With 16% Rally, More Gains Ahead The company cites the current global crypto market state as the reason for this move, saying that \u201cthe resources needed to further grow our business in Japan aren\u2019t justified at this time.\u201d As such, the exchange plans to stop providing services to users in the country. The decision comes just a month after Kraken revealed that it was laying off about 30% of its workforce. Given the size of the company and the amount of labor it employs, this came out to about 1,100 employees who lost their jobs at the crypto exchange. Market cap drops to $759 billion amid prolonged bear market | Source: Crypto Total Market Cap on TradingView.com As for its users in Japan, the exchange assured that it would allow users to withdraw all of their funds held on the exchange. Users are advised to withdraw all of their fiat currencies and cryptocurrencies being held on Kraken Japan before the Jan. 31 date. Kraken says it has enough funds to enable all users to withdraw assets. Related Reading: Why The Bitcoin Mining Hashrate May Not Be Out Of The Woods Just Yet It further added: \u201cWe value the trust our clients put in us and we will do what we can to minimise the impact of our decision for you. That\u2019s why we are committed to ensure a seamless transition and we hope the information in this email will help you decide what is the best option for you.\u201d In November, the U.S. Treasury Department\u2019s Office of Foreign Assets Control (OFAC) fined Kraken over $362,000 over sanctions violation for providing access to users in Iran. The crypto exchange agreed to settle for this figure with an additional $100,000 committed to implementing sanctions compliance controls. Featured image from Outlook India, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":514025,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[6664,15873,12307,15877,2676,87600],"class_list":["post-514021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto","tag-crypto-bear-market","tag-crypto-exchange","tag-crypto-winter","tag-kraken","tag-kraken-crypto-exchange"],"acf":[],"yoast_head":"\nProlonged Crypto Winter Pushes Kraken Exchange Out Of Japan<\/title>\n<meta name=\"description\" content=\"The crypto winter is a drawn-out one exacerbated by the collapse of large players such as Terra and the FTX crypto exchange. 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With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Prolonged Crypto Winter Pushes Kraken Exchange Out Of Japan","url":"http:\/\/wncen.com\/news\/crypto-winter-pushes-kraken-out-of-japan\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-winter-pushes-kraken-out-of-japan\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Kraken.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Kraken.jpeg?fit=1200%2C675"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto bear market","crypto exchange","crypto winter","kraken","kraken crypto exchange"],"dateCreated":"2022-12-28T17:00:04Z","datePublished":"2022-12-28T17:00:04Z","dateModified":"2023-03-08T07:26:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Prolonged Crypto Winter Pushes Kraken Exchange Out Of Japan\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-winter-pushes-kraken-out-of-japan\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-winter-pushes-kraken-out-of-japan\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Kraken.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Kraken.jpeg?fit=1200%2C675\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto bear market\",\"crypto exchange\",\"crypto winter\",\"kraken\",\"kraken crypto exchange\"],\"dateCreated\":\"2022-12-28T17:00:04Z\",\"datePublished\":\"2022-12-28T17:00:04Z\",\"dateModified\":\"2023-03-08T07:26:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Kraken.jpeg?fit=1200%2C675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/514021"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=514021"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/514021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/514025"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=514021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=514021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=514021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}