Last Updated on January 19, 2023 by Bitfinsider
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.”
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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