Dec 28 (Reuters) - U.S.-based crypto exchange Kraken said on Wednesday that it would cease operations in Japan next month, citing current market conditions in the country and a weak crypto market globally.
Kraken will be deregistered from the Financial Services Agency (JFSA) effective January 31, at which time clients will have to withdraw their fiat and crypto holdings, it said in a statement.
Kraken said it is fully funded to ensure that all affected customers can withdraw their assets in a timely manner.
Last month, Kraken said it would cut its workforce by 30%, or about 1,100 employees, as difficult market conditions had crippled demand for digital assets.
Bitcoin, the preeminent cryptocurrency, has lost 60% of its value this year, while the broader crypto market is down $1.4 trillion, crushed by the collapse of Sam Bankman-Fried's FTX empire, Celsius and the alleged stablecoins terraUSD and Luna. .
Reporting by Rhea Binoy in Bangalore; Edited by Savio D'Souza
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