The Kraken departure leaves a hole in the world’s third biggest economy as reports emerge of a crypto softening in Japan.
Kraken Leaves Opening in Japan for Binance
Centralized crypto exchange Kraken has decided to exit the Japanese market. Kraken informed users in a Dec. 28 blog post that all activity will cease on January 31, 2023.
“To this extent, Kraken will inform you that it has decided to suspend its business in Japan on January 31, 2023 and abolish the cryptographic asset exchange of the Financial Agency registration,” the blog post opens.
Kraken detailed to users that the exchange expresses remorse for the sudden move but that it makes the move in an effort to prioritize resources for sustainable long-term growth.
The departure of Kraken from Japan comes just one month after Binance purchased Sakura Exchange BitCoin to re-enter the Japanese market as a fully compliant operator for digital assets. Binance had previously been formally out of the Japanese market since 2018.
The move by Kraken strengthens Binance’s position in the world’s third-biggest economy. Recent moves from the Japanese government also indicate that a softening of the 30% crypto tax is on the horizon. Is 2023 a year Binance bolsters its position in Japan?
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
What is Kraken:
Kraken is a United States–based cryptocurrency exchange and bank founded in 2011. It is a digital exchange looking to be the go-to exchange that caters to traders of any level of crypto knowledge. Kraken is one of the oldest Bitcoin exchanges and supports more than 120 different coins to buy, sell, and trade with competitive exchange fees.
Where to find Kraken:
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