Kraken one of the largest cryptocurrency exchange is now temporarily terminating its services in Japan. Today Krakan announced that the company will be suspending its services from the Japanese residents.
According to Bitcoin.com, Karken has been in Japan since 2014. The accurate dates for Karken to suspend trading in Japan has not yet been determined. The exchange said that the last day to deposit is “Almost mid-May” the last day for trading is “Almost mid-June” and the last day for withdrawals is “Almost end-June”.
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. Clients residing outside Japan who have access to our Japan banking partners will continue to have access and will still be able to trade our JPY markets. Kraken said.
Karken had also applied for a license with the Japanese Financial Services Agency (FSA) but has not been approved yet. As the status of the application is “Deemed dealer” and the exchange is allowed to operate.
Due to the high costs of maintenance, 16 deemed dealers in Japan and all of them have withdrawn their application from FSA. Kraken is the 17th cryptocurrency exchange to withdraw its application with the FSA.
Kraken stated:
We deeply regret suspending this long-standing relationship and hope to resume services for Japan residents in the future…at the present time, it is impractical to continue service for Japan residents…After we have had a chance to better catch up to our rapid growth, we will consider the possibility of resuming service for Japan residents.
Also, Recently we have seen that Japanese FSA change Cryptocurrency regulations and Kraken team elaborated that this decision has been taken by considering the revenue against the cost of resources needed to maintain the service. and this move will help them to focus on other countries where its service is running.
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