Kraken relaunches crypto trading in Japan as part of APAC expansion

Major U.S.-based cryptocurrency exchange Kraken has launched funding and crypto trading services in Japan, furthering its expansion into the Asia-Pacific region.

On Oct. 22, the exchange announced it had launched spot trading of Bitcoin, Ether, Litecoin, Ripple, and Bitcoin Cash for Japanese residents.

Customers are able to make deposits in the five crypto assets, with domestic JPY deposits and withdrawals also available via SBI Sumishin Net Bank.

Kraken's announcement claims it is the sole global crypto firm to "Organically" enter the Japanese market "Without an acquisition."

Ironically the statement calls attention to how it entered the Australian market, when it acquired the country's oldest crypto exchange Bit Trade in January.

Kraken launched support for AUD funding and pairings in June.

Kraken had previously launched services to Japanese residents in 2014, however it stopped servicing Japan nearly four years later citing rising operating costs and a strategic decision to focus on "Other geographical areas."

Kraken announced it would return to Japan last month after becoming licensed as a 'Crypto Asset Exchange Service Provider' on Sep.

Kraken plans to expand the services and crypto assets available over the coming months.

More than two million Japanese residents hold accounts with crypto exchanges.