US-based cryptocurrency exchange Kraken will stop its trading services in Japan, citing rising costs of doing business there, Bloomberg reported.
The company plans to cease all its services, which began in October 2014, by the end of June, but does not rule out the possibility of re-entering the country in the future.
“Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas,” the company said in the statement.
“This is a localized suspension of service that only affects residents of Japan and does not impact services for Japanese citizens or businesses domiciled outside of Japan.”
Kraken, the 10th largest exchange by by volume, had been allowed to operate in Japan without a license. However, regulatory pressure was tightened after $530 million theft of digital money from Coincheck earlier this year.
By Siranush Ghazanchyan