Cryptocurrency exchange Kraken, under Payward Japan Co., Ltd., has announced in a public statement that it will be shutting down its operations in Japan.
According to the statement, the shutting down of its services in Japan would only affect Japanese residents and not Japanese citizens and businesses outside the country.
Kraken has been operating in Japan since October 2014 so the closure comes as a surprise to many. In the statement, the company explained that it just isn’t profitable to continue doing business in the country. They have analyzed the rising costs of running the service versus the revenues they receive and have deemed shutting down as the practical decision.
The exchange, however, remains optimistic about resuming services in the country in the future. Their main focus now is to improve their services in other countries:
“Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas. After we have had a chance to better catch up to our rapid growth, we will consider the possibility of resuming service for Japan residents.”
The exact dates of the schedule of closure has not yet been set but the exchange has given these tentative dates:
- Last day of deposit: around mid-May 2018
- Last day of trading: around mid-June 2018
- Last day of withdrawal: around end-June 2018