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Two Years Later, Crypto Exchange Kraken Returns to Japan

San Francisco-based cryptocurrency exchange Kraken has once again opened its services to Japan residents, according to an official announcement today. 

Kraken was offering its services in Japan until 2018 when the exchange exited the country to explore developing markets. 

With cryptocurrencies gradually heading toward mainstream adoption and with Japan’s crypto-friendly history alongside its well developed regulatory economy, Kraken said it feels it is the right time to make a reappearance in the Japanese market. 

The exchange has not provided an exact date for trading activities, but Japan residents who wish to use the trading platform can start creating accounts from today, Sept. 18 and wait until the expected launch date later this month or in early October.

Kraken promises to provide support for domestic JPY deposits and withdrawals with SBI Sumishin Net Bank as well as trading opportunities in 5 major cryptocurrencies – Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). 

Preparations for the return has been ongoing for two years now, the exchange said. Kraken created a branch in Tokyo called Payward Asia. Also, in building up internal governance and control following local regulations, the company was registered on September 8 as a Crypto Asset Exchange Service Provider under the Payment Services Act.

Kraken is one of the oldest cryptocurrency exchanges, operating since 2013, two years after it was founded. The exchange also offers a wide variety of digital assets and fiat currencies, making it one of the largest Bitcoin exchanges. 

Concerning its decision to return to Japan, Kraken described it as “a move that’s part of a broader initiative to expand our industry-leading services into high-growth APAC markets.”

The company has also made a series of achievements before this decision to return to Japan.  Despite its continued success since launch, Kraken is still hungry for more and now looks forward to launching its US bank after recently becoming the first crypto exchange to recieve a regulatory greenlight to launch  a financial institution.

 

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