Kraken is ceasing its operations in Japan by the end of January due to the current market environment. The company wrote in a blog post that they are unable to maintain their growth in Japan at this time.

Consequently, they will be deregistered with the Financial Services Agency, the regulating body that ensures the stability of Japan’s financial sector.

All users must withdraw their cryptocurrency and fiat currency from Kraken by the end of January. This can be done by either taking out the cryptocurrency to an external wallet or selling it and withdrawing the Japanese yen to a local bank account.

Deposits will not be taken after the 9th of January, but trading will still be allowed until the end of the month.

After February 1, Kraken will convert any remaining cryptocurrency and non-yen fiat currency to Japanese yen, but will charge a fee for the conversion.

The remaining yen will be transferred to a secured account at the Legal Affairs Bureau of Japan.