Crypto Exchange Kraken Closes Doors to Japan

Marco Green
April 18, 2018

Crypto exchange Kraken will end its services in Japan, according to an emailed statement, Bloomberg reports today, April 17. At press time, Kraken is in the 10th position among the top cryptocurrency exchanges by 24 trading, with about $188 million in trades.

Following the recent high-profile NEM token theft from Coincheck in January, and concerns from SBI Virtual Currencies over cyber security that saw them postponing the launch of their new venture in Japan, authorities are continuing to increase their scrutiny of cryptocurrency exchanges in the country.

"The decision involved careful consideration of revenue against the costs and resources required to maintain service", the company stated, adding that resources were an especially important consideration during this time in its growth.

However, Kraken left open the possibility of a return at a future date, should conditions become more favourable.

The crypto exchange Kraken will be closing its doors to Japan. Kraken began providing its services to Japan-based users in October 2014.

The company released a statement (Japanese only) in which it explains that by suspending services in Japan, the company will be able to focus on other areas and improve their services in other countries.

The closure of service will only affect residents of Japan; not Japanese citizens or businesses outside of Japan. After all, the Japanese Financial Services Agency (FSA) has been cracking down on crypto exchanges of late. It is one of the longest-running cryptocurrency exchange platforms in the world. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc.

Other reports by Click Lancashire

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