Main navigation

Coinbase Closing Down Operations in Japan: Details

Advertisement
Wed, 18/01/2023 - 11:08
Coinbase Closing Down Operations in Japan: Details
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Crypto exchange Coinbase has announced it is formally ceasing operations in Japan, describing the decision as a difficult one. It also intends to conduct a complete review of its operations in the country. Extreme market conditions were mentioned by Coinbase as the driving force behind the decision.

Advertisement

''Due to market conditions, our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country. However, we are committed to making this transition as smooth as possible for our valued customers," Coinbase wrote in an official blog post.

All Coinbase Japan customers will have until Feb. 16, 2023, JST, to withdraw their cash and cryptocurrency assets from Coinbase, according to a blog post on the company's website. Customers have the option to transfer their cryptocurrency assets to any other virtual asset service provider, the Coinbase Wallet, or another privately hosted wallet of their choice.

Related

Customers also have the option to liquidate their holdings and withdraw their JPY to a local bank account. Any remaining cryptocurrency holdings held on Coinbase on or after Feb. 17 will be converted to Japanese Yen, according to the statement.

Although the company has not stated explicitly that it intends to leave Japan, only that it wishes to conduct a thorough evaluation of its operations, some market observers believe that the crypto exchange may leave the country.

Last week, speculation started making the rounds that Coinbase would close the majority of its operations in the Japanese market, following its plan for global job cuts. The exchange said earlier this year that it would be laying off 950 employees, or 20% of its current workforce.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD