Jiji Press – Kraken announced that it would be discontinuing its business in Japan on Tuesday (April 17th ). Kraken is operated by Payward Inc of the USA.
Kraken’s Japanese unit Payward Japan K.K withdrew its application for registration as a crypto exchange after the revised payment service law which was notified to the Financial Service Agency(FSA).
Payward Japan issued a notice to the residents in Japan that Kraken would suspend its services. Kraken has been operating the exchange in Japan since 2014.
The Financial Service Agency (FSA) found it inappropriate of Krakens steps against money laundering which is in connection with handling anonymous cryptocurrencies.
Kraken became Japans 7th company to withdraw its application for regulatory registration.
Jesse Powell is the Co-founder and the CEO of Kraken which was founded in July 2018. Powell had plans of creating the safest exchange after the hack of Mt.gox.
As on 18th April 2018. Kraken was the 13th largest cryptocurrency exchange in the world as per 24-hour volume ranking.