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Breaking: Coinbase Officially Halts Operations In Japan

Coinbase officially halting operations in Japan and urges customers to withdraw their crypto assets by February 16.
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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.

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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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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