Kraken, one of the longest-operating cryptocurrency exchanges in the world, is pulling out of Japan. Kraken attributed the exit to the rising cost of doing business in the country, but said that it might return in the future. The exact dates for suspending trading and funding have not been determined yet, and the San Francisco-based exchange promised to contact its clients residing in Japan when this happens.
According to Kraken’s statement, which was leaked on Twitter, the suspension of services for Japanese residents will allow the company to shift its focus to other geographical areas and use its resources to improve its services in those areas.
The statement also expressed the company’s regret at having to suspend its services for Japanese residents, having served them since October 2014, as well as its hope that in the future, it will reintroduce its services in Japan. However, the consideration of revenue against the costs required to maintain services made it impractical to continue offering them at this time.
While no official dates were offered, the statement indicated that the last day for deposits would be in mid-May, while the last day of trading would be in mid-June. The last day of withdrawals was indicated as being towards the end of June. The suspension of service only affects residents of Japan and will not affect Japanese residents or businesses that are domiciled outside Japan.