Bad News For Coinbase Users In Japan, This Crypto Exchange Platform Will Stop Operating

Crypto trading company Coinbase has stopped its services in Japan. (Photo; Doc. CryptoRobin)

JAKARTA - Coinbase, one of America's leading cryptocurrency exchange platforms, announced that it would halt its operations in Japan due to unstable market conditions. In a statement, Coinbase said it would conduct a "complete review of our business in [Japan]."

Japanese Coinbase customers must immediately withdraw all of their holdings as operations will stop after that. Customers have until February 16 to withdraw their fiat and crypto holdings.

The exchange states that customers can withdraw their crypto holdings to various available options, such as another Virtual Asset Service Provider, Coinbase Wallet, or a customer-choiced wallet. In addition, clients can liquidate their portfolio and withdraw the amount of generated fiat into domestic bank accounts.

Coinbase also warned that it would convert the remaining cryptocurrencies, on or after February 17, to Yen. In addition, the exchange could send the remaining cash to a guarantee account at the Legal Affairs Bureau the following month.

In a statement, Coinbase confirmed that it has separated Japanese Yen and crypto assets from customers in storage in accordance with regulations and is committed to ensuring that all customers can withdraw their assets as soon as possible.

"We want to assure you that we have separated Japanese Yen and our customers' crypto assets in storage according to regulations, and we are committed to ensuring that all of our customers can withdraw their assets as soon as possible," Coinbase announced.

Japanese Coinbase customers must immediately withdraw all of their holdings as operations will stop after that. They have until February 16 to withdraw their fiat and crypto holdings.

Customers can withdraw their crypto holdings to various available options, such as other Virtual Asset Service Providers, Coinbase Wallets, or wallets that are hosted themselves according to their choice. In addition, clients can liquidate their portfolios and withdraw the amount of generated fiat into domestic bank accounts.