Crypto Exchange Kraken to End Operation in Japan

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Kraken, a Cryptocurrency Exchange, in Japan will be Ending its Operation

The San-Francisco-based crypto exchange Kraken has declared that it will end its services in Japan.

The digital currency exchange Kraken sent an email on 17th April to its Japan-based customer informing them that, starting on a yet-to-be reported date in June, residents of the nation will no longer be permitted to trade digital assets on the platform. Deposits by clients who live in Japan disable shortly before that data, and retreats soon after that.

According to a report, the cryptocurrency exchange is presently ranked number ten on the top digital currency exchanges by 24 trading volume, with about $188 million in trades on the day to press time.

As per the exchange’s statement, Kraken will shut down it’s trading in Japan around the end of June 2018. Anyhow, given its reason for leaving the nation, the exchange didn’t rule out re-entering the market in the future.

The email says:

“At present, it is impractical to continue service for Japan residents. The decision involved careful consideration of revenue against the costs and resources required to maintain service. Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas.”

Japan’s Financial Services Agency (FSA) started on-site inspection of the nation’s 15 as-of-yet unregistered cryptocurrencies prior this year after Japanese digital currency exchange Coincheck was hacked with around $534 million in NEM that was said to be stored on a hot wallet.

In April, it directed two digital currencies to suspends its operation and issued a “business improvement order” to another. In March, it had cautioned Binance crypto exchange, which it had been working in the nation without FSA permission.

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.