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Coinbase Ceases Japan Operations As Planned Despite The Country’s Crypto Concessions – Stocks to Watch
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Coinbase Ceases Japan Operations As Planned Despite The Country’s Crypto Concessions

ByAnusuya Lahiri

Jan 18, 2023
Coinbase Ceases Japan Operations As Planned Despite The Country's Crypto Concessions

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  • Coinbase Global, Inc COIN quit operations in Japan, citing changes in the market environment.

  • Users can withdraw their assets until February 16, Japan time.

  • Coinbase customers can withdraw fiat currency and cryptocurrency holdings from Coinbase by February 16. 

  • Customers can withdraw their crypto assets to other crypto service providers, Coinbase Wallet, or other self-hosted wallets. 

  • Alternatively, customers can liquidate portfolios and withdraw Japanese Yen to their local bank account. 

  • The fiat currency deposits will be unavailable from January 20.

  • Coinbase’s exit comes less than a month after another prominent digital asset exchange, Kraken, shared its withdrawal plan from the country, Bloomberg reports.

  • Coinbase’s closure follows its decision to slash 20% of its workforce globally as it battled the crypto meltdown. 

  • Coinbase retreated from Japan despite relaxations on its crypto norms that enticed rival Binance to buy a local player to re-enter the country.

  • Last week, Coinbase’s SVP Nana Murugesan voiced plans to wind down the majority of Japan operations in an interview.

  • Coinbase previously collaborated with Mitsubishi UFJ Financial Group, Inc MUFG to launch a crypto exchange in Japan in 2021.

  • Price Action: COIN shares closed higher by 8.32% at $54.14 on Tuesday.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Image and article originally from www.benzinga.com. Read the original article here.

Anusuya Lahiri

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