Coinbase, the cryptocurrency exchange giant, has become the latest company to cease operations in Japan, due to unfavorable market conditions.
The US-based company has made a series of cuts over the past seven months, with the most recent one taking place as early as January 2023.
- in blog posts On Wednesday (January 18, 2023), Coinbase announced that users in Japan have until February 16 to withdraw their cash and crypto holdings from the platform, while paper deposits will be disabled on January 20.
“Due to market conditions, our company made the difficult decision to cease operations in Japan and conduct a full review of our operations in the country. However, we are committed to making this transition as smooth as possible for our valued customers.”
- Customers who fail to withdraw their cryptocurrency after February 17 will see their holdings converted into Japanese Yen (JPY). In addition, any Japanese yen remaining in Coinbase will be redirected to an escrow account with the Office of Legal Affairs.
- Coinbase also confirmed that users who do not take action before the time of the withdrawal will contact the Legal Office to recover the Japanese yen.
- The latest development comes shortly after the company announced that it would scale back its operations in Japan. to talk to bloomberg, Nana Murugesan, Vice President of Business Development and International Affairs at Coinbase, said:
“We have decided to wind down the majority of our business in Japan, which has resulted in the cancellation of most roles in our Japanese unit.”
- Coinbase has also cut staff in recent months in response to the bear market. The company began laying off employees in June 2022, reducing its workforce by 18%. In January, the cryptocurrency exchange eviction 950 employees.
- Meanwhile, Coinbase is the latest cryptocurrency exchange to leave Japan, with Kraken taking over similar work in December 2022.
Coinbase Posted To Exit The Japanese Market After Kraken Debuted On CryptoPotato.