Cryptocurrency Exchange Kraken To Suspend Operations In Japan

- Advertisement -

The San Francisco-based exchange Kraken has announced that it will indefinitely suspend its services in Japan.

The cryptocurrency exchange Kraken sent an email on April 17 to its Japan-based clients informing them that, starting on a yet-to-be-announced date in June, residents of the country will no longer be allowed to trade digital assets on the platform. Deposits by users who live in Japan will be disabled shortly before that date, and withdrawals shortly thereafter.

While the announcement notes that the suspension of service may not be permanent, it offers no indication as to when the marketplace might again make itself available to customers who reside in the country.

The email, which was reviewed by ETHNews, states that:

“At the present time, it is impractical to continue service for Japan residents. The decision involved careful consideration of revenue against the costs and resources required to maintain service … Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas.”

The message does not offer any insight into what these “costs and resources” might be.

In the wake of a January heist to the tune of more than $500 million from the exchange Coincheck, Japan’s financial watchdog, the Financial Services Agency (FSA), stepped up efforts to ensure that exchanges operate in compliance with the country’s laws.

- Advertisement -

In April, it ordered two virtual currency marketplaces to suspend operations and issued a “business improvement order” to another. The previous month, it had warned Binance, another exchange, that it had been operating in the country without FSA approval. 

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether, Bitcoin, and Monero.

Like what you read? Follow us on X @Bitnewsbot to receive the latest Kraken, Japan or other Ethereum wallets and exchanges news.

- Advertisement -



Previous Articles:

- Advertisement -

Latest

Uniswap (UNI) Rebounds Above $6 After Brief Uptrend Breakdown

Uniswap's UNI token dropped below its key uptrend line following a failed hold above the $6.00 support level.High trading volumes accompanied the decline, including...

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

Must Read

18 Countries With No Privacy Laws According To UN (List)

Privacy laws are legal frameworks designed to protect personal data from unauthorized access, misuse, or disclosure.Lack of privacy laws can lead to misuse of...