Crypto Exchange Kraken Pulls Out of Japan

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Kraken

San Francisco-based Kraken is ending its trading service in Japan after being in the country since 2014.

Kraken

Kraken is bidding goodbye to Japan, for now at least.

The company, who has had their presence in Japan since 2014, expressed their “deepest regret” in the emailed statement.

According to Kraken, the revenue against the costs and resources required to maintain the service was part of the decision.

“Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas,” the company said.
They emphasise that the suspension of the service is only for those who are residents of the country. Japanese citizens and businesses residing outside the country are not affected and are still be able to use the services.
However, the company does not see this move as something permanent. “After we have had a chance to better catch up to our rapid growth, we will consider the possibility of resuming service for Japan residents.”
The last day of deposit is around mid-May. Japan residents can continue trading until mid-June. It’s also important to note that the last day of withdrawal is at the end of June this year.
Despite this news, Japan is still seen as one of the friendliest countries for trading digital currencies. While other countries choose to ban ICOs, Japan actually chose to to take the first step in legalising them earlier this month.