Cryptocurrency trading platform Coinbase Global has officially announced that it will cease operations in Japan due to market conditions.
Although the cryptocurrency industry started to recover last week, the impact of previous crises continues. Crypto companies looking to hold on to the industry, which has been shaken by a few booms such as the Terra and FTX crises, have turned to restructuring plans such as layoffs. Coinbase recently announced that it will cut 950 jobs as part of its restructuring. At the same time, it was on the agenda that the unit in Japan would be closed. As expected, Coinbase ceased operations in Japan.
Coinbase Suspends Operations in Japan
Crypto exchange Coinbase said in a statement today that it has officially ceased operations in Japan and will completely review its business in the country. The exchange cited extreme market conditions and plans to cut operating expenses in 2023 as the reasons behind the move.
Coinbase Japan customers can withdraw their crypto and fiat holdings until February 16. The remaining crypto assets will be converted to Japanese yen (JPY) and clients will need to coordinate with the Legal Affairs Office to get their balance back after February 16.
The statement made by Coinbase included the following:
“Due to market conditions, our company has made the difficult decision to cease operations in Japan and completely overhaul our business in the country. However, we are committed to making this transition as smooth as possible for our valued customers.”
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