Kraken, US-based cryptocurrency exchange, announced its plans to discontinue all of its trading operations in Japan in the near future.
Cryptocurrency exchange Kraken, which is one of the largest, just announced that she’s leaving the Japanese market.
Suspension of services for the people of Japan will allow us to focus on improving the work in other geographical areas. This only affects residents of Japan and does not affect services provided to Japanese nationals or to companies outside of Japan.
As one of the reasons is the increase in operating expenses, but in addition, more regulation of the cryptocurrency market could also play a role.
Cryptocurrency exchange Kraken is pulling out of Japan https://t.co/NiE6Gboohr pic.twitter.com/lxnymBQV3u— Bloomberg (@business) April 17, 2018
Japan is one of the leading countries in the field of cryptocurrency. A recent survey conducted by R25, showed that about 14% of Japanese men aged 25 to 30 years invested in the cryptocurrency.
Despite the General positive atmosphere, after hacking Coincheck – one of the leading stock exchanges of Japan, which was stolen 560 million U.S. dollars, the Japanese regulator has strengthened the requirements imposed on cryptocurrency exchanges. After that some of them were forced to close.
Kraken received permission from regulators to operate without a license. However, despite this, this cryptocurrency stock exchange and failed to win popularity among the people of Japan. As of 17 April, the volume pair: BTC/JPY is just 165.298 USD. At the same time, the volume pair BTC/USD is equal to 36 million dollars.