Breaking: Coinbase Officially Halts Operations In Japan
Crypto exchange Coinbase on Monday said it is officially halting operations in Japan and will conduct a complete review of its business in the country. Coinbase Japan customers can withdraw their crypto and fiat holdings until February 16. Remaining crypto holdings will be converted to Japanese yen (JPY) and customers will have to coordinate with the Legal Affairs Bureau to retrieve their balance after February 16.
Coinbase Stops Japan Operations Amid Difficult Market Conditions
In an official blog post on January 18, Coinbase announced that it has made the difficult decision to completely review business in Japan and terminate transactions with existing customers. Coinbase cited extreme market conditions and plans to reduce operating expenses in 2023 as the reasons behind the move.
“Due to changes in the market environment, we have made the difficult decision to completely review our current business in Japan and terminate transactions with existing customers. However, we are committed to making this transition as smooth as possible for our valued customers, said Coinbase’s VP Nana Murugesan and Coinbase Japan CEO Nao Kitazawa.
Coinbase has prepared a thorough system to enable customers to withdraw their assets until February 16 Japanese time. Customers can also withdraw their crypto assets to other crypto exchanges, Coinbase Wallet, or other self-hosted wallets.
Alternatively, Coinbase Japan customers can liquidate portfolios and withdraw Japanese Yen to their local bank account. From February 17, crypto holdings on Coinbase will be converted to Japanese Yen and sent to a Guaranty Account at the Legal Affairs Bureau. Customers need to coordinate with the Legal Affairs Bureau to recover their JPY balance after February 16.
Last week, Coinbase CEO Brian Armstrong announced plans to cut an additional 20% of its global workforce in order to manage operating expenses. He also disclosed shutting down several projects with a lower probability of success. Japan’s operations were majorly affected by the layoff decision.
Coinbase (COIN) share price ends 8% up at $54.14 on Tuesday. The COIN price has jumped almost 45% in the last 5 days.
Also Read: Reasons Behind Shiba Inu (SHIB) Massive 20% Rally Today
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
