Share this article
Cryptocurrency Exchange Kraken to Shutter Services in Japan
U.S.-based cryptocurrency exchange Kraken has announced it is shutting its doors for investors in Japan, citing operational costs.
By Wolfie Zhao
Updated Dec 10, 2022, 9:40 p.m. Published Apr 17, 2018, 11:25 a.m.
San Fransisco-based cryptocurrency exchange Kraken has announced it is shutting its doors for investors in Japan.
According to a statementhttps://support.kraken.com/hc/ja/articles/360000570486 released on Tuesday, the company said it will cease to provide exchange services to Japanese residents, with a planned cutoff date for final withdrawals penciled in for the end of June.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Kraken added that overseas Japanese investors who use domestic banks will still have access to trading activities in the local market.
Further, victims of the notorious Mt Gox hack that took place in 2014 will be able to maintain their Kraken account for fund withdrawals should their payment from the ongoing bankruptcy case be approved at court.
While the company put the decision down to "the costs and resources required to maintain service," it's notable that the exchange is currently not among trading platforms registered with the Financial Services Agency (FSA), Japan's financial watchdog.
Kraken's move to bar Japanese investors comes at a time when the FSA is beefing up efforts to scrutinize exchanges offering services in the country following the hack of $530 million-worth of the NEM cryptocurrency from the Coincheck exchange in January.
Binance, the world's largest cryptocurrency exchange by trading volume, has already received a warning letter from the FSA, ordering it to halt operations in Japan since the firm is not fully registered with the agency.
Stop signal image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
Top Stories
