Kraken Exchange Withdraws From Japan Due To Low Volume

Digital currency broker Kraken finds Japan too costly

Digital currency broker Kraken finds Japan too costly

Kraken's exit comes amid regulatory pressure for tighter standards at Japan's cryptocurrency exchanges after the $530 million theft of digital money from Coincheck earlier this year when a hacker used malware to break into its network before stealing an encrypted key and withdrawing digital coins.

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

The exchange will contact its Japanese clients with exact dates as soon as they are known.

"We deeply regret suspending this long-standing relationship and hope to resume services for Japan residents in the future". Reportedly, the company will terminate all services it's now offering to Japanese residents. Resources are an especially important consideration for us at this time due to our exponential growth in recent months. "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". "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". But the exchange said it may come back in the future. The country's Financial Services Agency has been conducting inspections of venues amid a broader effort to bolster security.

So, is the crypto exchange Kraken getting out of Japan while it still can before it too gets a notice from the FSA?

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