Coinbase to Cease Operations in Japan

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Last Updated on January 19, 2023 by Bitfinsider

It has been confirmed by Coinbase that it would cease its operations in Japan within the next few weeks, citing the present market conditions as the reason.

The company, which is located in San Francisco, explained its decision in a blog post. It stated that “due to market conditions, our company has made the painful choice to suspend operations in Japan and to undertake a full evaluation of our business in the nation.” “On the other hand, we are dedicated to ensuring that this change is as painless as possible for our loyal consumers.”

This coming Friday, January 20, the exchange will no longer accept deposits of fiat currency, although users will have access to their cash and cryptocurrency holdings until February 16 of this year.

After this date, any monies that are still available will be converted into Japanese yen and sent to a Guaranty Account at the Legal Affairs Bureau. From there, clients will be responsible for retrieving their own money from the account.

Coinbase said the week prior that it was cutting its workforce in Japan to a skeleton crew in preparation for receiving its operating license from the Financial Services Agency of Japan in June 2021.

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