KuCoin Closing Shop in Japan
Main page News, Cryptocurrency Exchanges

Сryptocurrency exchange KuСoin has announced that it will no longer provide services to Japanese customers. This decision is related to the new requirements of local legislation.

“Out of respect to Japanese legislation requirements, KuCoin will close cryptocurrency trading services for all traders located in Japan. All the KYC verification requests sent from Japan will be rejected, and we will not support the Japanese language,” said on the company's website.

Japan has strengthened the regulation of the cryptosphere after hacking Coincheck, when attackers stole more than $500 million in the NEM altcoins. After the attack, The Financial Services Agency (FSA) introduced new security measures:

  • All trading platforms should not store coins in online wallets
  • They should have two-factor authentication for any transfers
  • The exchanges should have a detailed KYC process

KuCoin is not the first crypto-exchange, which is forced to stop working with customers from Japan. In July 2018, Huobi Pro crypto exchange will suspend its service for traders and investors from Japan. A major trading platform was not licensed by the Financial Services Agency (FSA) of the country.

Japan Expels Huobi

Earlier, the Japanese financial regulator has for the first time refused to authorize a licence for a crypto-exchange platform. FSA has rejected the registration of the cryptocurrency exchange FSHO. An inspection of the company has revealed that the Yokohama-based firm does not possess the necessary systems required to manage its business.

By Ekaterina Ulyanova

Read also:
Please describe the error