Coinbase shut down operations in Japan

Representatives of the cryptocurrency company Coinbase announced that they are stopping work in Japan. The decision was made by them due to difficult market conditions. According to the top management of the cryptocurrency platform, the decision was difficult.

Coinbase promised to conduct a full review of businesses in the country before leaving and make their exit as smooth as possible for those who are used to using their services.

Representatives of the cryptocurrency platform also assure customers that the Japanese yen and cryptocurrencies of users that are in storage have been separated in accordance with the rules. The company's employees sought to ensure that after this news, all clients could withdraw their funds from the exchange.

Coinbase will remove the fiat deposit feature on January 20, 2023. Clients will have enough time to withdraw their money from the exchange. The withdrawal deadline is February 16th. The team clarifies that all clients have the ability to withdraw crypto assets to another service provider, a Coinbase wallet, or another place that can accept a deposit in crypto.

In addition, if the client wants, he will be able to destroy his entire cryptocurrency portfolio and withdraw all Japanese yen received from the sale of assets to his bank account. On February 17, automatic conversion of digital assets into Japanese yen will be carried out, after which representatives of the cryptocurrency platform will send money to a guarantee account with the Japan Law Bureau as required by local law.

Clients are advised to withdraw their funds by February 16th inclusive, otherwise they will need to coordinate their actions with the Japan Legal Bureau in order to withdraw money from the guarantee account.