Be patient Kraken, life is like this, there are many guesses.
United States (US)-based cryptocurrency exchange and bank company Kraken has decided to close its operations in Japan for the second time by canceling its registration from the Financial Services Agency on January 31, 2023.
With the challenging situation in Japan as well as the weakening global crypto market has been the cause of the closure occurred as the company is said to not have enough resources to support its business in the rising sun country.
It is well known that Kraken's subsidiary, Payward Asia, which is a crypto exchange service provider, has closed its operations four years after launching the service in 2014.
One of the main purposes of establishing Payward Asia is to provide new investment opportunities to Japanese traders and institutional investors.
Immediately after the shutdown takes place on January 9, 2023, the company will allow users to convert their respective balances into assets of their choice.
However, if the user does not have time to change it, any remaining funds will be transferred to the Guarantee Account at the Legal Affairs Bureau and they will have to deal with that party if they wish to recover the funds.
Meanwhile, Kraken plans to lay off 1,100 employees after the crypto market suffered a drastic fall due to the FTX crisis which also had various effects on the crypto exchange company.
