Exchange decision to cut 20% of the workforce worldwide
Coinbase Global Inc. suspends operations in Japan less than a month after Kraken, another major digital asset exchange, announced its departure.
Clients must withdraw their assets by February 16.
Clients have until February 16 to withdraw their fiat and cryptocurrency holdings. After that date, Coinbase will convert any leftover cryptocurrencies it holds into yen and transfer any remaining funds to a guarantee account with the Legal Affairs Bureau within a month.
Even as Japan relaxes some cryptocurrency rules, Coinbase is leaving the nation. As a result, rival Binance, the largest digital asset exchange, recently purchased a local player to re-enter Japan.
To ensure that the transition in Japan goes as smoothly as possible, Coinbase has separated its clients’ holdings of yen and cryptocurrencies in compliance with Japanese legislation. It has also committed to making sure that all of its customers can withdraw their funds as soon as possible.