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Cryptocurrencies

Cryptocurrency exchanges step away from Japan and Hong Kong

Big industry players find homes where regulators are not as strict

Kraken decided to end Japan services after "careful consideration of revenue against the costs and resources."   © Reuters

TOKYO -- Asia is becoming a less attractive market for large cryptocurrency exchange operators due to regulatory uncertainties. At least three major exchanges have announced or voiced the idea of fleeing the region.

Kraken, a San Francisco-based exchange, in April announced that it will stop offering its services to residents of Japan. The exchange will cease accepting deposits from the country, one of the biggest markets for digital coin trading, around the middle of this month. Trading for existing clients in Japan will be halted in mid-June, and these customers must withdraw their funds by the end of that month.

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