Coinbase has announced that it will suspend operations in Japan due to the current market conditions.
The exchange will open on January 18th Presentation He said he was forced to make a “painful decision” to suspend operations in Japan and completely overhaul its business in Japan.
The decision comes just days after the company announced it was beginning to phase out its operations in the country. He said he had no interest in buying or buying and would not sell the Japanese unit.
At the time, Muruge said the shutdown would not take place until Coinbase finalized its discussions with Japan’s Financial Services Agency. A small number of employees will remain in their positions in the coming weeks to help the company ensure the safety of customer assets.
Ended operation in Japan
Discussions with Japanese authorities have now ended and the exchange is closed.
Customers will be able to deposit fiat currency on the exchange until January 20th, after which it will cease to function. Both fiat and cryptocurrency withdrawals are available until February 16th. Any cryptocurrency left in your Coinbase account after February 17th will be converted into Japanese Yen and transferred to the Legal Affairs Bureau Guarantor Account.
According to Coinbase, customers can withdraw to their cryptocurrency wallets or liquidate their portfolios to withdraw Japanese Yen to Japanese bank accounts.
The announcement comes a week after the exchange announced it would lay off about 950 employees worldwide. The company said the layoffs were part of a restructuring process to weather the bear market.
Coinbase’s Japanese platform is launch In August 2021, in a bid to capture the growing market. At the time, Coinbase partnered with Mitsubishi UFJ Financial Group (MUFG), one of Japan’s largest banks, to serve its growing Japanese user base.
