Kraken is moving out of Japan according to an article that was published in Bloomberg. Kraken is a US-based Bitcoin and Altcoin exchange that is operating in Canada, EU and formerly in Japan as well. They are well known for their euro volume liquidity. The reason for their move out from one of the most progressive countries technology wise is the rising costs of doing business.

“Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas,” the company stated according to the article. “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.”

Even though the country supports Blockchain related businesses and has a very detailed regulatory framework in place there seems to be a growing trend of foreign businesses leaving for new jurisdictions, with the last major one being Binance, which is making the move to Malta. Just recently in April Japan has unveiled a proposal for regulating ICOs, a topic that still causes problems for several countries.

The local companies don’t seem to mind paying more for competing on their own market as just recently Yahoo! Japan Corp. and Monex Group have bought into cryptocurrency exchange ventures that will serve the Japanese investors and traders.