Crypto exchange Coinbase announced its plans to halt operations in Japan due to current market conditions.
The news came a few days after Coinbase reduced its workforce by 20% to cut down on operational expenses.
In its blog post, Coinbase noted that it will remove the fiat deposit facility on its platform by January 20 for its Japanese clients. Coinbase also asked its Japan-based customers to withdraw their crypto assets by February 16, adding,
“Customers can choose to withdraw their crypto holdings to any other Virtual Assets Service Provider, Coinbase Wallet or any other self hosted wallet of their choice.”
After February 16, Coinbase will convert the remaining crypto holdings on its platform into JPY. Coinbase will send the converted JPY assets to a Guaranty Account at the Legal Affairs Bureau a month after the deadline.
Coinbase is not the first crypto platform to pull out of Japan in recent months. In December 2022, Kraken announced that it will exit the Japanese crypto market, citing a “weak crypto market” as the reason for ceasing operations in the nation.
