Coinbase has recently announced it is stopping its operations in Japan due to unfavorable market conditions.
The platform announced earlier this month a partial curtailment of operations and staff cuts in the local division of the US-based exchange.
According to the statement:
“Due to market conditions, our company has made the difficult decision to cease operations in Japan and to study and analyze its business in the country. However, we are committed to making this transition as smooth as possible for our valued customers.”
Coinbase Japan will stop accepting deposits on January 20. Users will be able to withdraw digital assets to any third-party wallet until February 16. Alternatively, they can liquidate positions and receive funds in yen to an internal bank account.