Coinbase and Kraken to Cease Operations in Japan, Binance Seeks Re-entry

Kraken, and binance have all been involved in recent developments in the japanese crypto market. coinbase announced that it will halt operations in japan in the next few weeks, while kraken is stopping trading in japan by the end of this month. binance is making efforts to return to the japanese market and has acquired local exchange sakura in november.

Changes began on friday, january 20, when coinbase stopped fiat deposits to the exchange. customers can withdraw their cash and crypto holdings until february 16, after which any remaining funds will be converted into japanese yen and sent to a guaranty account at the legal affairs bureau. binance sought a license to operate in japan in september.

Earned its operating license from the financial services agency in june 2021, but has decided to slim down to a skeleton staff in japan. kraken blamed current market conditions in japan and a weak crypto market globally for its decision. japanese prime minister fumio kishida is crypto-friendly and his vision for the economy includes support for web3 companies and investing in digital transformation. coinbase is committed to making the transition as smooth as possible for customers, who will need to retrieve their funds from the guaranty account at the legal affairs bureau.

By Evey Lovelace

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