Crypto Exchange Kraken Closes Doors to Japan

Galtero Lara
Abril 17, 2018

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

The San Francisco-based crypto exchange Kraken will call it quits from Japan's fertile trading ground by the end of June 2018.

Although Kraken says the closure is necessary to allow for a future expansion, you do have to wonder if there's another reason behind the decision.

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"Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas. 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".

Following the Coincheck heist, the Financial Services Agency (FSA) - Japan's top financial watchdog - have disciplined several exchanges for not actualizing proper security measures.

As a result of FSA inspections and requests, two local crypto exchanges, Mr. Exchange and Tokyo GateWay, announced that they will cease trading once they have returned customer funds. The island country has always been known as a crypto-friendly country. Earlier this month, they took the first step toward legalising initial coin offerings, a controversial fundraising technique outlawed in places like China and South Korea. The guidelines include rules for identifying investors, preventing money laundering, tracking progress of projects, and protecting existing equity and debt holders.

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