U.S.-based cryptocurrency exchange Kraken said Wednesday it will cease operations in Japan next month, citing current market conditions in the country and weakness in the cryptocurrency market worldwide.

Kraken will stop registering with the Financial Services Agency (JFSA) on Jan. 31, by which time customers will have to withdraw their fiat and cryptocurrency assets, it said in a statement.

Kraken said it is fully funded so that all affected customers can withdraw their assets in a timely manner.

Last month, Kraken said it would cut its staff by 30 percent, or about 1,100 employees, as tough market conditions undermined demand for digital assets.

Bitcoin, the main cryptocurrency, has lost 60% of its value this year, while the broader cryptocurrency market has shrunk by $1.4 trillion, having suffered the collapse of Sam Bankman-Fried’s FTX empire, Celsius and the supposed “stable coins” terraUSD and Luna.