BlocksInform
Crypto Giant Exchange COINBASE becomes the last company to shut down operations in Japan, citing adverse market conditions.
The company based in the United States has made a series of job cuts in the last seven months, the last reduction being in January 2023.
- In a blog post on Wednesday (January 18, 2023), Coinbase announced that users in Japan have until February 16th to withdraw their fiat and crypto holdings from the platform, while fiat deposits will be disabled on January 20th.
Due to market conditions, our company has made the difficult decision to close its operations in Japan and conduct a full review of its operations there. However, we are determined to ensure a smooth transition for our valued clients."
- For clients who do not withdraw their cryptography after February 17, their assets will be converted to Japanese Yen (JPY). Furthermore, any jpy remaining on the basis of currency will be transferred to a guarantee account in the Legal Department.
- Coinbase also pointed out that users who do not take action before the withdrawal deadline will liaise with the Bureau of Legal Affairs to retrieve their jpy.
- The latest development comes shortly after the company revealed that it would reduce its Japanese operations. Speaking to Bloomberg, Coinbase’s vice president for business development and international, Nana Murugesan, said:
"We have decided to close most of our business in Japan, which has led to the elimination of most of the roles within our Japanese entity."
- In recent months, Coinbase has also reduced its staff as a result of the market downturn. The company started laying off employees in June 2022, cutting 18 per cent of its work. In January, the crypto exchange dismissed 950 employees.
- Meanwhile, Coinbase is the latest cryptocurrency exchange to exit Japan, with Kraken taking similar action in December 2022.
