Kraken Relaunches Crypto Trading in Japan After Two-Year Break

The exchange had shuttered its Japanese services after Coincheck's $530 million hack in 2018 spooked regulators and prompted a crackdown.

AccessTimeIconOct 22, 2020 at 8:57 a.m. UTC
Updated Sep 14, 2021 at 10:22 a.m. UTC

U.S.-based crypto exchange Kraken is once more letting Japanese residents fund their accounts and trade crypto on its platform.

  • Announced Thursday in a company blog post, Kraken said the move comes as the start of a larger push to expand its services within the Asia-Pacific region.
  • The exchange first said it was reopening for Japan's market in September.
  • The company had shuttered its local services after the Coincheck exchange's $530 million hack in 2018 spooked local regulators into clamping down on cryptocurrency trading activity.
  • As part of the conditions for re-entry, Kraken completed registration as a crypto asset exchange service provider under Japan's Payment Services Act on Sept. 8.
  • “In today’s challenging economic environment, more people are turning to cryptocurrencies to hedge against volatile markets," said David Ripley, Kraken's chief operating officer, in comments on the relaunch.
  • For users completing Kraken's onboarding process, spot trading is now open for bitcoin (BTC), ether (ETH), XRP (XRP), bitcoin cash (BCH) and litecoin (LTC).
  • Crypto deposits in these cryptocurrencies have been restored, as have domestic Japanese yen deposits and withdrawals via SBI Sumishin Net Bank.
  • Users can trade via crypto-to-crypto or yen-to-crypto trading pairs.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.