Kraken Down – The continued collapse of crypto companies 🔻
Crypto exchange Kraken is set to close its Japanese operations following significant job cuts. The move comes as the company faces increased regulatory scrutiny in the country and struggles with rising operating costs. Kraken, one of the first crypto exchanges to enter the Japanese market in 2014, has seen its user base dwindle in recent years. It remains to be seen how many employees will be affected by the closure. The company has not yet commented on the move.
In a statement, Kraken CEO Jesse Powell said, “We are deeply grateful to our Japanese clients and community for their support over the years. This was not an easy decision, but ultimately it is in the best interests of our business and clients.” Kraken is one of many crypto exchanges facing difficulties in Japan. Earlier this year, local exchange Coincheck suffered a major hack that resulted in the loss of more than $500 million in digital assets. The incident led to increased scrutiny from Japanese regulators, and several exchanges have since left the market. Despite the challenges, Japan remains a crucial player in the global crypto market. The country is home to some of the world’s largest exchanges, including bitFlyer and Bitpoint. It still needs to be made clear how the closure of Kraken’s Japanese operations will impact the overall market. What do you think about Kraken’s closure of its Japanese operations? And what do you think about cryptos trends in a downward direction?
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.