A week after laying off 950 employees, US-based crypto exchange platform Coinbase announced on Wednesday, January 18, that it is halting its operations in Japan due to market conditions. The crypto exchange says it will complete a review of its business in the country.
In a blog, the company states that it has separated its customers’ Japanese Yen and crypto assets in custody in compliance with regulations.
Customers have until February 16, 2023, to withdraw their fiat and crypto holdings from Coinbase to any other Virtual Assets Service Provider, Coinbase Wallet, or self-hosted wallet. If not, customers can choose to liquidate their portfolio and withdraw their JPY to a domestic bank account.
The company will remove the fiat deposit functionality on January 20, 2023.