Cryptocurrency exchange Kraken has announced plans to exit Japan.
Kraken will de-register from Japan’s Financial Services Agency (JFSA) as of Jan. 31, according to media reports.
Kraken, in a blog post, cited "current market conditions in Japan in combination with a weak crypto market globally."
Kraken users in the country have until the end of next month to withdraw their fiat and crypto holdings. Kraken users also have the option of transferring crypto to another wallet or wiring Japanese yen to a local bank.
In November, Kraken cut 30% of its global workforce two months later as the crypto market continued to stagnate following the collapse of rival exchange FTX.