Cryptocurrency Exchange Kraken Launches Account Funding and Crypto Trading In Japan
Kraken, one of the prominent cryptocurrency exchanges in the industry has once again launched cryptocurrency trading services and account funding in Japan. This move comes as part of the exchange’s plan to boost its expansion and growth into the APAC (Asia-Pacific) region.
Relaunching cryptocurrency trading in Japan
The United States-based digital currency exchange has announced in a blog post published on October 22, 2020, to reopen cryptocurrency trading for the residents of Japan two years after it shut down its trading operations in the country back in the year 2018.
Japanese residents can once again trade top digital assets on the platform of the Kraken exchange. As per the official blog post, Kraken has opened spot trading for five major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH). The residents of Japan will be able to access both crypto-to-crypto as well as Yen (JPY)-to-crypto trading pairs on Kraken’s platform.
Kraken has also restored cryptocurrency deposits in these five top digital assets as well as domestic deposits in Japanese Yen (JPY). Users will be able to make deposits and withdrawals in domestic JPY through SBI Sumishin Net Bank, the crypto exchange said in the blog post.
Last month, the cryptocurrency exchange became a licensed exchange as “a Crypto Asset Exchange Service Provider under the Payment Services Act” when it completed its registration on September 8 and announced that it will soon be restoring cryptocurrency trading services in Japan. It also said that users in Japan can start creating their accounts from September 18 onward. Kraken has also said that it will be launching more services and assets in Japan over the coming months.
Kraken pulled out of Japan in 2018
Kraken started offering its cryptocurrency trading services in Japan in the year 2014. However, after four years, it had to shut down its operations there because of surging operational costs. At that time, Kraken was ranked at the 10th spot in terms of 24-hour trading volume by CoinMarketCap.
While pulling out of Japan in 2018, the cryptocurrency exchange claimed that it will restore its services in the future.
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