The US-based crypto exchange Kraken announced on 28 December that it will cease operating in Japan next month due to the current market condition in the country and a weak crypto market globally. The exchange said the move was part of its efforts to prioritize resources and investments in those areas that align with its strategy and will best position Kraken for long term success. It will deregister from the Financial Services Agency (JFSA) on 31 January 2023, which is the deadline for customers in the country to withdraw their fiat and crypto holdings. They could either transfer crypto to an external wallet or cash out and transfer Japanese yen to a domestic bank account.