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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.
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