Kraken to suspend services in Japan


Cryptocurrency exchange Kraken, operated by Payward Inc. of the United States, will discontinue its business in Japan, it was learned Tuesday.

The Japanese unit of the operator, Payward Japan K.K., notified the Financial Services Agency of its decision to withdraw its application for registration as a cryptocurrency exchange operator under the revised payment services law, informed sources said.

Payward Japan on Tuesday issued a notice saying that the exchange will suspend services to residents in Japan. The unit, set up in 2014, has been operating the exchange in the nation while being screened for registration under the law.

The FSA has found inappropriate some of the unit’s steps against money laundering in connection with its handling of anonymous virtual currencies.

Payward Japan became the seventh company to withdraw its application for regulatory registration.

Read more at: The Japan News

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