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Due to the effects of the crypto winter, the measure announced by Kraken seeks to cut costs and allocate resources to much more important areas at this time.

The team made the announcement through an official statement published on its website for Japan, where Kraken executives indicate that the measure came about due to the difficulties posed by this moment in the market, which is why they have had to minimize expenses and that means suspending operations in the Asian country.

In this regard, the press release reads:

We would like to inform you that after due consideration, Kraken has decided to cease operations in Japan and deregister with the Financial Services Agency (JFSA) as of January 31, 2023. The decision is part of Kraken's efforts to prioritize resources and investments in those areas that align with our strategy, and will better position the exchange to ensure its long-term success.

Current market conditions in Japan, combined with a weak crypto market globally, mean that the resources required to further grow our business in Japan are not justified at this time. As a result, Kraken will no longer serve customers in Japan through Payward Asia.

Kraken then indicated that it is not experiencing any funding issues, so customer funds are adequately supported. Given that they will officially cease operations on January 31 next year, the exchange's management invites users to withdraw their assets in both fiat and crypto before the aforementioned date.