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Payward Japan Exchange to Close – But Insider Says it May Return

Exchange Japan Kraken

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023

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Payward Japan, one of the country’s older cryptocurrency exchanges and the operator of the Kraken platform, has withdrawn its operating application with the Japanese financial regulator – but one expert says the company may soon return with a new application.

Payward Japan was one of 16 exchanges operating prior to last year’s government ruling that all new exchanges should attain licenses from the Financial Services Agency (FSA). The original 16 were granted provisional licenses to continue trading while they filed applications to the FSA.

Following January’s Coincheck hack, however, the FSA has upped its security, stability and customer services requirements, forcing many of the original 16 to withdraw their applications and close down their exchanges.

However, speaking to Business Insider, Yo-sub Kwon, CEO of Hosho, a security firm that advises exchanges, explained, “They are going to pull out temporarily and go back to the FSA when they are ready to register with them.”

So far, six exchanges have told the FSA they are withdrawing their applications: Tokyo GateWay and Mr Exchange last month, as well as Raimu, bitExpress and Bit Station previously, and Payward the most recent. Japanese media outlets have suggested more may yet follow.