Kraken to Leave Japan

One of the oldest cryptocurrency exchange leaves Japan due to increased cost of doing business in the country
17 April 2018   558

One of the oldest crypto exchanges Kraken announced the termination of work in Japan. Main reason for this decision is called the increased cost of doing business in this country, reports Bloomberg.

The exchange said that it plans to stop all services for residents of Japan until the end of June, but in the future, if the situation changes, it can again return to this market.

Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas. This is a localized suspension of service that only affects residents of Japan and does not impact services for Japanese citizens or businesses domiciled outside of Japan.
 

Kraken

Kraken started to operate in Japan since October, 2014. According to Coinmarketcap, Kraken takes the 10th place in the list of exchanges in terms of trading volume.

In March, the exchange closed a number of bank accounts, and also stopped accepting deposits in US dollars, euros and British pounds through the interbank transfer system SWIFT.

Kraken to Launch Over The Counter Trading Platform

The minimum threshold of the new trading platform is $ 100,000
18 September 2018   131

The Kraken cryptocurrency exchange has added the possibility of over-the-counter trade in digital assets. It is worth noting that the minimum threshold for trading operations on the new OTC-platform is $ 100 000.

As stated in the blog Kraken, OTC-platform will be available "for residents of all countries."

Kraken is excited to announce a major expansion to our OTC trading platform which will enhance the execution of large block trades for clients worldwide. We offer deeper liquidity and private, personalized service to institutions and high net-worth individuals needing to fill large orders. 
 

Kraken Team

For trading on the site, 17 cryptocurrencies are available, including bitcoin, Ethereum, XRP, EOS, Litecoin, Monero, Dash and Zcash, as well as three fiat currencies: the US dollar, euro and yen.

The company's blog also says that the Kraken OTC team has nine professional traders from North America, Europe and Asia, ready to provide assistance to customers.

Members have a combined 100 years of trading experience working for major financial institutions such as JP Morgan, Credit Suisse, UBS, Morgan Stanley and Merrill Lynch. Kraken OTC sets itself above competitors by offering superb, hi-touch service at every step ranging from initial consultation and expert market insight, all the way through final settlement.
 

Kraken Team

Earlier, Kraken denied information about the massive dismissal of employees because of financial problems.