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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.

Oct 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.

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