Updated: 04/17/2018 11:54
Hyip Monitor
kraken quits japan
Learn about the reasons for Kraken cryptocurrency exchange decides to quit Japan market after working successfully since autumn 2014
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Learn about the reasons for Kraken cryptocurrency exchange decides to quit Japan market after working successfully since autumn 2014

Citizens of Japan will be able to use the services of the Kraken Exchange only until the end of June 2018. Meanwhile, according to preliminary information, the cuurrency exchange will stop servicing the residents of the country by the end of June, informs Bloomberg.

According to the currency exchange statement, the suspending of services to the residents of Japan will enable it to focus on improving its work in other areas:

"Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas. This is a localized suspension of service for Japanese citizens or businesses domiciled outside of Japan."

Kraken, which ranks 10th in the list of the largest currency exchanges in terms of trading volume, began operating in Japan in the middle of autumn 2014. Nevertheless, the authorities continue to unswervingly support, and are now seeking to regulate new exchanges.

At the same time, employees of the American stock exchange do not exclude that in the long term Kraken can return, if the situation changes for the better. The management of the exchange claims that this is a local solution that will affect only the residents of Japan and will not affect Japanese citizens and companies that are outside the country.

The Japanese regulator has taken a number of tough measures against a variety of crypto-instruments, and has warned more than once that cryptographic sites should strengthen cybersecurity measures and strengthen internal control systems.

At the end of March, the Kraken exchange stopped accepting US dollars, euros and British pounds through the SWIFT system of bankwire transfers. Restrictions also affected the receipt of deposits in the Japanese yen due to the closure of accounts in the Japanese bank SMBC. The Financial Services Agency (FAS) began to conduct checks of crypto-instruments.

It is assumed that crypto-exchange will work in Japan before the end of June this year.

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