A sad news comes from the world of cryptocurrencies in Japan. Cryptocurrency users in Japan will once again say goodbye to one of the most prominent cryptocurrency exchanges in the entire world, Kraken.

Kraken Leaves the Japanese Market

The officials at the Kraken exchange have recently made a sad announcement for the entire crypto community in Japan.

They have confirmed that they have decided to discontinue their operations in the country. As per the officials, they have decided that they will pull out all the crypto operations they had going on in Japan.

This is not the first time the exchange has made this decision. The exchange has already pulled out of the Japanese crypto market once in the past.

However, they have decided to do it again and it is not confirmed how long it will take the exchange to come back to Japan. For now, it is confirmed that the exchange is not going to stay in the country.

The exchange officials have also confirmed the reason they have decided to end their operations in the country for the second time.

As per them, they are not seeing much of a demand for cryptocurrencies and the crypto market in the country. Although they have spent a while in the country hoping the situation would improve but to no avail.

Therefore, they have decided to stop operating in the Japanese region until they are able to see a significant surge in demand for cryptocurrencies.

Kraken’s Blog Post

It was on December 28 when the Kraken officials made the announcement of their decision through a blog post. They confirmed that they have decided that they will cease their operations in Japan.

The exchange officials have confirmed that they have already made their decision and will be getting deregistered by the end of January 2023.

Their target is to file for deregistration at the Financial Services Agency by January 31, 2023, and cease their operations.

Kraken is one of the oldest cryptocurrency exchanges in the entire crypto-verse, being established back in 2011. It is arguably the very first crypto exchange that had been launched within the crypto-verse.

Its knowledge and grasp of the crypto markets are superior even to the likes of Binance. However, it has not expanded its business as much as Binance but still, it has a huge respect in the entire crypto-verse.

The exchange has been operating quite smartly in every jurisdiction, it is not seeing any profits in the Japanese market.

The exchange is concerned about the resources it has been spending in Japan but it is getting no significant return on that. Therefore, they have decided to pull out from the Japanese market.

They may decide to return to the Japanese market when they see the situation is in favor of the crypto industry.

Kraken Wants to Prioritize Resources

The officials revealed that in recent years, they have realized that it is important to plan ahead of the implementations and set the right priorities.

In the past, they have kept expanding their business by reaching out to any market. They had the cushion to wait and see if things work out in their favor.

However, the ongoing market situation is not favoring such strategies and tactics. Therefore, they have to go with a different approach where they do not put much pressure on their resources.

They think that they have made the right decision by stopping their operations in Japan and prioritizing their resources to locations where it is more profitable to invest funds.

They are hoping that someday, the Japanese crypto markets will thrive and they will get the opportunity to return to the market. Until then, they have decided to leave the market but they will keep a track of it.

Over the course of 1 month, the Kraken exchange will discontinue all kinds of operations and services it has been offering in the country.