Kraken resumes operations in Japan

The Kraken cryptocurrency exchange resumes services for residents of Japan.

📢 *UPDATE* KRAKEN LAUNCHES FUNDING AND TRADING IN JAPAN

JPY funding and trading in 5 major cryptocurrencies are now available.

💰 Bitcoin (XBT)
💰 Ethereum (ETH)
💰 Ripple (XRP)
💰 Bitcoin Cash (BCH)
💰 Litecoin (LTC)

Get the full story on our blog👇https://t.co/dopiYuUOM7 pic.twitter.com/T2hlowu86G

— Kraken Exchange (@krakenfx) October 22, 2020

Kraken clients will be able to trade Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin.

To return to the Japanese market, Kraken registered as a provider of cryptocurrency asset exchange services in accordance with local law.

The fiat transactions will be processed by SBI Sumishin Net Bank.

“In challenging economic conditions, many are turning to cryptocurrencies to hedge volatile markets,” said Kraken Chief Operating Officer David Ripley.

Kraken says that, unlike other crypto companies, it was able to enter the Japanese market directly, without acquiring a locally licensed firm.

The return to Japan is part of a broader plan to expand in the Asia-Pacific region, the company added.

Previously, Kraken operated in Japan from 2014, but left the country in 2018 amid tighter crypto-market oversight following the Coincheck hack.

In September 2020, Kraken to obtain the status of a special-purpose depository institution, endowing it with the functions of a traditional financial institution.

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