Coinbase Closes Japan Operations, Customers Must Withdraw Crypto Before Feb 16

• Coinbase announced that it will be ceasing its operations in Japan, citing market conditions.
• Japanese customers must withdraw their crypto and fiat holdings by February 16.
• Coinbase will convert all remaining crypto holdings to Japanese yen (JPY).

Coinbase, one of the world’s largest cryptocurrency exchanges, has announced that it will be closing its operations in Japan, citing market conditions. The company has requested that customers in Japan withdraw their crypto and fiat holdings by February 16. Coinbase also said that it would be converting all remaining crypto holdings to Japanese yen (JPY).

The news of Coinbase’s Japan closure was made public in a blog post by the company. In the post, Coinbase explained that this difficult decision was made due to changes in the market environment and the desire to reduce operating expenses in 2023. Nana Murugesan, VP of Coinbase, and Nao Kitazawa, CEO of Coinbase Japan, added, “We have made the difficult decision to completely review our current business in Japan and terminate transactions with existing customers in the country.”

Coinbase’s decision to close its Japan operations comes as cryptocurrency markets remain far from 2021 levels, with many companies having to lay off staff and some even having to close operations. Coinbase is the latest company to make such a move, with many other crypto exchanges having already done so in the same region.

For Japanese customers of Coinbase, if they are unable to withdraw their crypto and fiat holdings before February 16, they will need to coordinate with the Legal Affairs Bureau in order to retrieve their balance. Coinbase has stated that it will be offering its full support to customers during this process.

Coinbase’s decision to close its Japan operations is a sign of the tough market conditions currently facing the crypto industry. With the ongoing mini bull run, there is some hope that the market may soon recover and Coinbase may decide to resume its operations in Japan. Until then, the company will continue to review the situation and assist customers in withdrawing their holdings.