Kraken to Shut US Crypto-Staking Service, Pay $30M Fine in SEC Settlement

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U.S.-based Crypto Exchange Kraken to Discontinue Operations in Japan In light of the current unfavorable market conditions in Japan and the global crypto market, the 

U.S.-based cryptocurrency exchange, Kraken, announced its plan to discontinue operations in the country on the 28th of December. 

The exchange will deregister from the Financial Services Agency (JFSA) on January 31st, requiring clients to withdraw their fiat and crypto holdings before that date. 

Kraken stated that it is fully equipped with sufficient funding to ensure a seamless and prompt withdrawal process for all affected clients. 

This news comes on the heels of the exchange's announcement last month to reduce its workforce by 30%, which was attributed to the challenging market conditions that had severely impacted the demand for digital assets. 

The prominent cryptocurrency, Bitcoin, has seen a 60% decline in value this year alone, while the crypto market as a whole has shrunk by a staggering $1.4 trillion, largely due to the collapse of Sam Bankman-Fried's FTX empire, Celsius, and the supposed 'stablecoins' TerraUSD and Luna.

On December 28th, the American cryptocurrency exchange Kraken announced that it will stop operating in Japan next month due to the current state of the market both in Japan and globally. 




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