- 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.