Coinbase announces pullout from Japan

Coinbase Global has announced its pullout from Japan, following in the footsteps of Kraken, a digital asset exchange that also ceased operations in the country last month.

Customers will have until February 16 to liquidate their money and cryptocurrency assets. After February 17, any cryptocurrency still held by Coinbase will be converted to yen, with any remaining currency transferred to a guarantor account at the Legal Affairs Bureau. Kraken said in November 2022 that it would slash employment by 30%, or approximately 1,100 employees, due to slow demand for digital assets. Consumers must withdraw their fiat and cryptocurrency holdings before January 31. The crypto exchange said that it is fully funded to ensure that all transactions are secure.

The crypto exchange claimed that it is adequately funded to guarantee that all impacted customers could withdraw their money on schedule.