UPDATE 1-Crypto exchange Kraken to stop operations in Japan - Yahoo Finance

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Dec 28 (Reuters) - U.S.-based crypto speech Kraken said connected Wednesday it would cease its operations successful Japan adjacent month, citing the existent marketplace conditions successful the state and a anemic crypto marketplace globally.

Kraken volition deregister from the Financial Services Agency (JFSA) arsenic of Jan. 31, by which clip clients would person to retreat their fiat and crypto holdings, it said successful a statement.

Kraken said it is afloat funded to guarantee that each affected clients could retreat their assets successful a timely manner.

Last month, Kraken said it would trim its workforce by 30%, oregon astir 1,100 employees, arsenic pugnacious marketplace conditions had crippled request for integer assets.

Bitcoin, the pre-eminent cryptocurrency, has mislaid 60% of its worth this year, portion the wider crypto marketplace has shrunk by $1.4 trillion, squashed by the illness of Sam Bankman-Fried's FTX empire, Celsius and expected 'stablecoins' terraUSD and Luna. (Reporting by Rhea Binoy successful Bengaluru; Editing by Savio D'Souza)