United States-based cryptocurrency exchange Kraken has relaunched its services again letting Japanese residents fund their accounts and trade crypto via its platform.
In line with an official web-blog post, Kraken added that the move comes as the start of a bigger push to expand its services within the APAC region.
The exchange primarily revealed that it had been reopening for Japan’s market in September. The company had shuttered its local services after the Coincheck exchange’s $530 Mln hack earlier in 2018 spooked local regulators into clamping down on cryptocurrency trading activity.
As a part of the conditions for re-entry, Kraken completed registration as a crypto asset exchange service provider under Japan’s Payment Services Act earlier on 8th Sept.
“In today’s challenging economic environment, more people are turning to cryptocurrencies to hedge against volatile markets,” said David Ripley, Kraken’s chief operating officer, in comments on the relaunch.
Cryptocurrency deposits in these cryptocurrencies are restored, as have domestic Japanese yen deposits and withdrawals via SBI Sumishin Net Bank.
Users can now trade via crypto-to-crypto or yen-to-crypto trading pairs.