According to cryptocurrency exchange Kraken, as of January 31 it will leave Japan and cease to be registered with the Financial Services Agency.
The business stated in a blog post on Wednesday that "current market conditions in Japan in combination with a poor crypto market internationally" were the driving forces behind the decision.
Users in the nation have till the end of the next month to remove their fiat and cryptocurrency holdings. They can choose to transfer their cryptocurrency to another wallet or wire their local currency, the Japanese yen, to a bank.
The exchange's co-founder Jesse Powell left his position as CEO in September. Dave Ripley, the chief operating officer, was to take his position. Two months later, with the crypto market still in a state of stagnation due to the failure of competing exchange FTX, the business laid off 30% of its worldwide personnel.
According to the blog post, Kraken will now prioritize investments and resources to guarantee the exchange's long-term viability.