- Coinbase has announced that it has ceased operations in Japan.
- The exchange has cited “market conditions” for the move.
- Customers are advised to withdraw funds before the UKTN
After announcing its plans to cut operating costs by 25% last week, cryptocurrency exchange Coinbase announced today that it has ceased operations in Japan.
The exchange appears to be taking drastic measures to avoid going the way of the other crypto companies that have filed for bankruptcy due to liquidity issues. In today’s announcement, the exchange cited market conditions as the reason for halting operations in the world’s third-largest economy.
The introduction to the announcement reads:
“Due to the market conditions, our company has made the difficult decision to discontinue operations in Japan and to completely review our operations in the country. However, we are doing everything we can to make this transition as smooth as possible for our valued customers.”
February 16 UKTN to withdraw assets
Following the announcement, Coinbase will remove the fiat deposit functionality on January 20, 2023, after which Japanese customers will have until February 16, 2023 to withdraw their fiat and crypto assets from the exchange.
Customers may withdraw their assets to the Coinbase wallet, another wallet for escrow or another cryptocurrency service provider. They can also choose to liquidate and withdraw their assets in the form of JPY, the national currency of Japan.
After the UKTN has passed, customers must consult with the Legal Affairs Office to collect their balance.
The statement read:
“In the month after February 17, Coinbase will transfer the remaining JPY to a Guarantee Account with the Legal Office in accordance with legal requirements. If customers do not take action by February 16, they should consult with the Legal Department to retrieve their JPY balance.”