Kraken Exchange is Removing Services From Japan

[Elysian_ELY]

https://www.coindesk.com/cryptocurrency-exchange-kraken-to-shutter-services-in-japan/

Regulations are beginning to become more strict on top of exchanges. Kraken is the worlds tenth largest exchange according to coin market cap. The FSA is cracking down on many exchanges. According to Kraken, the cause of the move is because of rising costs. They noted that maintenance fees were growing far too large however the San Francisco based exchange also mentioned that returning to Japan in the future is not out of the picture. Only time will tell at this point.

Good luck traders,
The Elysian Team

[realcrypto]

For now I have observed that exchangers, blockchain and cryptocurrency cannot be affected by any regulation by government though there may be initial effect but it will not last for a long time. So do not worry about the regulation.

[Victorycoin]

While Kraken claims that its decision to shut down service to the Japanese clients is informed by increasing costs and resources for maintaining the service, I think that might not be all as the article also has it that Kraken have not registered with FSA and this move is coming at this time when FSA is gearing up to  look into the books of exchanges operating in Japan.

I know that the inordinate withdrawal fees among others which exchanges have been forcing down the. throat of their clients is enough to keep them smiling to  their bank, so that excuse lacks merit.

[Slow death]

[...]

perhaps it is because the Japanese government obliges these exchange to invest in security and provide a good quality of service so that customers are treated very well, this can have high costs, but at least guarantees a good service and the exchange are inspected periodically, but reality is that many exchange do not want to become responsible and create a good business environment and security for its customers

So do not worry about the regulation.

The regulations can be beneficial, it is enough to see the behavior of many exchange to realize that it is urgent that the governments make periodical inspections in the exchange

[timerland]

https://www.coindesk.com/cryptocurrency-exchange-kraken-to-shutter-services-in-japan/

Regulations are beginning to become more strict on top of exchanges. Kraken is the worlds tenth largest exchange according to coin market cap. The FSA is cracking down on many exchanges. According to Kraken, the cause of the move is because of rising costs. They noted that maintenance fees were growing far too large however the San Francisco based exchange also mentioned that returning to Japan in the future is not out of the picture. Only time will tell at this point.

Good luck traders,
The Elysian Team

Seems like Japan's financial services agency is really cracking down on crypto exchanges so far.

They did issue a warning to Binance, just a few weeks before this announcement. I really don't think that shutting their services to one country will reduce their costs that much, especially when you consider the fact that Japan is among the top bitcoin trading nations.

To me, this looks more like Japan's FSA pressuring them into moving away from the Japanese market since they're not really registered or regulated by them, and there may be bigger consequences in the future. But there should still be a lot of native japanese exchanges left, CMIIW.