Kraken is a well-known crypto exchange based in San Francisco, and has just announced that they are going to be ending their business operations in Japan. Those who live in Japan will likely have until May or June to complete any transactions that are needed, though exact dates haven’t yet been provided.
The following explanation is from the announcement released by Kraken:
“We deeply regret suspending this long-standing relationship and hope to resume services for Japan residents in the future. However, at the present time, it is impractical to continue service for Japan residents. The decision involved careful consideration of revenue against the costs and resources required to maintain service. Resources are an especially important consideration for us at this time due to our exponential growth in recent months. Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas. 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.”
Operating exchanges in Japan has been difficult for a while now due to regulations and other issues form the Japanese Financial Services Agency (FSA). CoinCheck, which was the largest exchange in Japan, also temporarily closed down recently due to these types of issues.