- Crypto exchange Coinbase said it will halt its operations in Japan.
- The halt was allegedly due to harsh market circumstances.
- Coinbase also eliminated 950 employees a week earlier.
In a statement that was published on the company’s official blog on January 18, Coinbase said that the company had come to the conclusion that it would be best to totally examine its operations in Japan and halt all transactions with clients who were already using the service.
Coinbase said that the move was made due to harsh market circumstances as well as aims to minimize operational expenditures in 2023.
Coinbase gives its consumers the assurance in the blog post that the company is in line with the legislation regarding the separation of its customers’ Japanese yen and crypto assets while they are in custody.
Additionally, Coinbase is dedicated to guaranteeing that all of its clients are able to withdraw their funds at the earliest opportunity that suits them. The functionality of fiat deposits will be terminated on the 20th of January, 2023, Japan Standard Time.
Customers in Japan who use Coinbase have another option, which is to sell their portfolios and withdraw Japanese yen to their local bank accounts. Holdings of cryptocurrencies on Coinbase will be converted into Japanese yen and transferred to a Guaranty Account managed by the Legal Affairs Bureau beginning on February 17th.
After February 16, customers will be responsible for recovering their JPY balance via coordination with the Legal Affairs Bureau.
This claim comes only one week after Coinbase announced that it will be eliminating further positions inside the company. To be more specific, the cryptocurrency exchange said that it will be terminating the employment of an additional 950 workers. This was the second time in less than a year that Coinbase reduced the size of its personnel.
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