Kraken Is Shutting Down Its Operations in Japan, As The FTX Downfall Continues To Weigh Down On Crypto Firms

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Kraken is one of the world’s largest crypto exchanges, processing $408.9 million of trading volumes per day, according to CoinMarketCap data.

The pain started after the crypto exchange FTX collapsed, marking the most signficant industry failure so yet. Its disgraced co-founder and former CEO Sam Bankman-Fried has been released on bail while awaiting trial for fraud and other criminal charges.

Prices of bitcoin and other digital currencies have plunged sharply as investors’ fear grew, in addition to the soaring interest rates which further weighed down on speculative assets such as tech stocks. 

Bitcoin, the world’s largest cryptocurrency has shed over 60% of its value in 2022.