San Francisco-based crypto exchange Kraken has announced that it will be suspending its business operations in Japan next year. This marks the second time that Kraken has departed from the island nation after it made a similar move back in 2018. 

Kraken has blamed the rising cost of maintaining its business in the island nation, paired with the crypto market downturn for this decision. 

“Current market conditions in Japan in combination with a weak crypto market globally mean the resources needed to further grow our business in Japan aren’t justified at this time,” the statement read. The exchange’s Japanese operations were managed by Payward Asia Inc, one of its subsidiaries.