Coinbase Crypto Exchange initially started planning its Japanese expansion during the bear market in 2018.
Despite Bitcoin returning to pre-FTX collapse price levels, the contagion actually influences the industry, forcing Coinbase cryptocurrency exchange to close operations in Japan
Coinbase officially reported on Jan. 18 that the firm will end operations in Japan and conduct a complete review of its business in the country because of market conditions.
All Coinbase Japan customers will have about a month to withdraw their fiat and crypto property from the platform by Feb. 16. After Feb. 17, the leftover crypto assets held by Coinbase Japan customers will be automatically converted to the Japanese yen (JPY). Fiat currency deposits won’t be accessible from Jan. 20.
The firm noted that clients will actually want to move the assets to some other virtual asset service provider, a self-custodial wallet as well as Coinbase Wallet.Customers can withdraw their assets from a domestic bank account.