Kraken Cryptocurrency Exchange is Bailing on Japan Due To Cost & Fees

Kraken Exchange Pulls Out Of Japan Due To High Costs

Kraken, a San Francisco-based cryptocurrency exchange, has announced today that it would no longer be operating in Japan due to the high costs of operation in the Eastern country. The Japanese market is one of the biggest markets for trading in the world and the company stated that there is a chance that it might be returning there in the future, but has not stated any dates.

Also, Kraken has stated that only Japanese residents will be affected by this decision, not the Japanese clients that are customers operating outside of their homeland. Kraken is the 10th largest cryptocurrency in the world by trading volume, so this will surely affect the market.

The reasons for Kraken to leave Japan

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. If the company is able to organize itself better and “catch up” to their rapid growth, Kraken bosses intend to go back and offer services to the Japanese again.

Cryptocurrency and legislation in Japan

The Japanese law recognizes Bitcoin as a legal asset since last year in the country, which means that it is legal to buy Bitcoin there. In fact, Bitcoin is responsible for almost 60% of all the current trading volume in Japan.

After recognizing the Bitcoin, the Japanese government has decided that all the exchanges in the country have to register if they want to operate there. Regulators have become more cautious after a recent cryptocurrency heist involving Coincheck in January, in which more than $500 million in digital tokens were stolen from Coincheck.

Last month, Binance, which is the biggest exchange in the world, was warned by the Japanese financial agency that it could not operate in the country without a proper license.

Speculations are that Kraken has left Japan for these reasons, as it would be less profitable to grow and profit by being compliant with the regulations from the Japanese governmental agencies.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

Digital Assets Beat Traditional Assets by a Wide Margin & Ethereum Outperforms Bitcoin

In 2020 to date, Bitcoin has seen a positive performance of 80% and Ethereum 217%. With these gains, digital currencies are leading this year, with...

Filecoin Miners Will Receive 25% Of The FIL Rewards Immediately After A Successful Network Upgrade

Filecoin (FIL) miners set to receive 25% of their rewards instantly for miners that successfully activated the FIP-004 protocol at block number #170,000. Given...

PayPal Exploring Acquiring Crypto Companies, Already in Talks with Bitcoin Custodian BitGo

PayPal is now exploring acquisitions of crypto companies, including bitcoin custodian BitGo, reported Bloomberg. This week, Paypal announcing support, buy, sell, and hold for cryptos...

Bitcoin Is Having A “Sell-Side Liquidity Crisis,” As BTC Buyers Outweigh the Sellers

After an explosive start of the week that took us to a 13-months high of $13,300, Bitcoin is taking a breather just under $13,000. Interestingly,...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today