Wednesday, April 18, 2018

Kraken shut down Japanese exchange

Kraken, an American cryptocurrency exchange decided to abandon the trading post for Japanese residents.


Kraken is famous for its security as well as the amount of deal. It has been opened for Japanese, but most traders use Euro.

Kraken says that the reason for the retreat from Japan market is to focus on another field. It suggests the possibility of reentry into Japanese operation in the future.

I think, however, that Kraken will be difficult to gain the official permission for cryptocurrency business in Japan. The Japanese government has established the registry of cryptocurrency exchanges. The administrator investigates the quality of the company before permitting the operation. There are only a few registered companies in Japan. Kraken is now a equivalents company, gaining temporary permission. It has to be officially certified as an exchange until the next March, otherwise, permission will be expired.

After the CoinCheck incident, the investigation by the Japan government became strict. Kraken seems to recognize it is difficult to get the certification.

It is very sorry for Japan residents to lose an alternative for cryptocurrency trading.

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