Kraken Exchange resumes operations in Japan

Two and a half years later, the Kraken cryptocurrency exchange is reopening trading services in Japan as part of its business expansion in the Asia-Pacific region.

According to an article
in the exchange’s blog, Japanese residents will have access to spot trading and deposits in BTC, ETH, XRP, BCH and LTC, as well as trading pairs of these cryptocurrencies with the Japanese yen. The entry and withdrawal of fiat currency will be supported by SBI Sumishin Net Bank.

Kraken announced plans to resume operations in Japan last month. The exchange allowed customers in Japan to create and verify accounts starting on September 18. Users who have completed the identity verification process can top up their accounts and start trading.

In the coming months, Kraken plans to begin expanding its services in Japan by adding additional assets and services.

“We are thrilled to once again be able to offer unparalleled customer service and the most secure cryptocurrency trading experience for Japanese market participants,” said Kraken Chief Operating Officer David Ripley. “In today’s challenging economic environment, more and more people are turning to cryptocurrencies to hedge against volatile markets and use crypto assets as a means of saving capital.”

According to Kraken, Japan is one of the world’s largest cryptocurrency markets, with more than two million active cryptocurrency accounts.Recall that the company has stopped
customer service in Japan in 2018, shortly after the hack of the Coincheck exchange, which resulted in the stolen
NEM for $530 million. After that, Japanese regulators tightened their supervision of cryptocurrency exchanges, which forced some sites to suspend their work.