Kraken to cease operations in Japan

Kraken, a cryptocurrency exchange based in the United States, announced on Wednesday that it would cease operations in Japan by the end of the month.

This comes after Kraken agreed to a $360,000 settlement with the US Treasury. Kraken announced last month that it will reduce its workforce by 30% due to low demand for digital assets created by adverse market conditions.

According to the Department of Treasury, Kraken failed to implement IP address filtering while users were trading on the bitcoin exchange. Users who registered in the United States may still be able to sell or purchase digital assets after migrating to Iran.

The transactions that took place in Iran are valued at $1.6 million.