Global crypto exchange Coinbase has stopped operations in Japan citing difficult market conditions and heightened volatility.
The company said in a statement:
Due to market conditions, our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country. However, we are committed to making this transition as smooth as possible for our valued customers.
Coinbase made the announcement on Wednesday, telling its customers they can withdraw their fiat and crypto holdings from Coinbase until 16 February 2023. The company recommends that its clients transfer their funds to other Virtual Assets Service Provider, Coinbase Wallet or any other self-hosted wallet or they can liquidate their portfolio and withdraw their funds in JPY to a domestic bank account.
The firm added that following 17 February, the remaining crypto funds will be converted to JPY and in the following month will be sent to Guaranty Account at the Legal Affairs Bureau as the company is legally required.
Coinbase has assured its clients that the exchange has segregated the Japanese Yen and crypto asset customers in custody and will ensure all customers can withdraw their assets. The exchange noted that its fiat deposit functionality will be removed on 20 January.
