Stop Japan operations for crypto exchange Kraken

28 December 2022

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For the second time digital currency exchange Kraken will close down its operations in Japan. The announcement was on a official blogpost and by next month the operations will be closed.

In the post Kraken said it would cease crypto trading services through its Japanese subsidiary, Payward Asia, and deregister from Japan’s Financial Services Agency on Jan. 31, 2023.

The first time Kraken took the same decision was in 2018, when it closed four years after initially establishing operations in 2014. It relaunched in the country in 2020 after securing registration from the regulator. The reasons is “part of Kraken’s efforts to prioritize resources and investments in those areas that align with our strategy and will best position Kraken for long term success.”

SOURCE: CNBC

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