Cryptocurrency Exchange Kraken to Shutter Services in Japan
U.S.-based cryptocurrency exchange Kraken has announced it is shutting its doors for investors in Japan, citing operational costs.
San Fransisco-based cryptocurrency exchange Kraken has announced it is shutting its doors for investors in Japan.
Kraken added that overseas Japanese investors who use domestic banks will still have access to trading activities in the local market.
Further, victims of the notorious Mt Gox hack that took place in 2014 will be able to maintain their Kraken account for fund withdrawals should their payment from the ongoing bankruptcy case be approved at court.
While the company put the decision down to "the costs and resources required to maintain service," it's notable that the exchange is currently not among trading platforms registered with the Financial Services Agency (FSA), Japan's financial watchdog.
Binance, the world's largest cryptocurrency exchange by trading volume, has already received a warning letter from the FSA, ordering it to halt operations in Japan since the firm is not fully registered with the agency.
Stop signal image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.