KRAKEN is discontinuing its cryptocurrency exchange services in Japan as the business restructures to deal with the effects of the collapse of digital assets this year. According to a statement made on Wednesday (Dec. 28) by the company, Payward Asia, which runs Kraken services in Tokyo, the exchange operation will close on Jan. 31. The business intends to request that customers move their crypto token holdings into various wallets or convert them into fiat money.
The implosion last month of Sam Bankman-Fried’s digital asset empire FTX has added to uncertainty in crypto after a global slump in coin prices and declining trading activity. Just weeks ago, Kraken said it will cut 30 per cent of its global workforce or about 1,100 people. That followed similar moves by rivals including Coinbase Global and Gemini. BLOOMBERG
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