fbpx
Money

Cryptocurrency Exchange Kraken Pulls Out Of Japan

Kraken, one of the world’s longest-operating cryptocurrency exchanges, will end its trading services for Japanese residents.

The San Francisco-based company cited the rising costs of doing business in Japan for its decision, though it said it may re-enter the country in the future. It tentatively plans to cease all its services, which began in October 2014, by the end of June, it said in an emailed statement.

“Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas,” the company said in the statement. “This is a localized suspension of service that only affects residents of Japan and does not impact services for Japanese citizens or businesses domiciled outside of Japan.”

Kraken was ranked 10th globally by volume over the past 24 hours according to Coinmarketcap.com, with $190 million worth of trading. It had been allowed to operate in Japan without a license. The country’s Financial Services Agency has been conducting inspections of venues amid a broader effort to bolster security.

Long seen as among the friendliest jurisdictions for trading digital currencies, Japan has experienced troubles ranging from investor fraud to the $500 million hack of a Japanese crypto-exchange this year. Lawmakers have remained firmly supportive, however, and are moving to regulate new exchanges, rather than banning them outright. Earlier this month, they took the first step toward legalizing initial coin offerings, a controversial fundraising technique outlawed in places like China and South Korea.

This story originally appeared in Bloomberg. Image courtesy of Shutterstock.

Join The Discussion

Iran’s President Blames US After Attack On Military Parade
Iran’s President Blames US After Attack On Military Parade [Video]
May's Brexit Plan Goes Pop After 'Humiliation' By EU
May’s Brexit Plan Goes Pop After ‘Humiliation’ By EU [Video]
Putin Seeks To Defuse Downing Of Russian Plane Off Syria
Putin Seeks To Defuse Downing Of Russian Plane Off Syria [Video]
Kim Agrees To Dismantle Main Nuke Site If US Takes Steps Too
Kim Agrees To Dismantle Main Nuke Site If US Takes Steps Too [Video]
Decentralized Crypto Exchange Is Solution To Hacks
Decentralized Crypto Exchange Is Solution To Hacks
Cryptocurrency Has Hit Bottom, Bitcoin Due To Bounce Back
Cryptocurrency Has Hit Bottom, Bitcoin Due To Bounce Back
Time To Regulate Bitcoin, Says Treasury Committee Report
Time To Regulate Bitcoin, Says Treasury Committee Report
Dubai Police Warns Against Crypto Scams
Dubai Police Warns Against Crypto Scams, Predicts Electronic Money Will Replace Cash
4 Ways To Turn Your Blog Or Website Into Revenue
4 Simple Ways To Turn Your Blog Or Website Into Revenue
5 Psychological Reasons 'Social Proof' Beats Everything Else In Marketing
5 Psychological Reasons ‘Social Proof’ Beats Everything Else In Marketing
15 Big Reasons Your Business Needs Online Reviews
15 Big Reasons Your Business Needs Online Reviews [Infographic]
Why Video Content Is A Must Have Sales Tool [Infographic]
Vertical Video Ads Are Coming To YouTube
Vertical Video Ads Are Coming To YouTube
5 Tips For Brands On How To Use Facebook's 'Brand Collabs Manager' Tool
5 Tips For Brands On How To Use Facebook’s ‘Brand Collabs Manager’ Tool
How This Former Monk Became A Social Media Superstar
How This Former Monk Became A Social Media Superstar [Video]
Twitter Lite Expands To 21 More Countries
Twitter Lite Expands To 21 More Countries, Adds Push Notifications