Coinbase officially announced the cessation of its operations in Japan and urged local customers to withdraw their funds before February 16

ChainCatcher news, Coinbase has officially announced on its blog that it will cease operations in Japan. The announcement states that due to market conditions, the company has made a difficult decision to stop its business in Japan and will conduct a comprehensive review of its operations in the country, aiming to facilitate a smooth transition for its Japanese customers as much as possible.

Coinbase stated that it has segregated the yen and crypto assets of its custodial customers as required, to ensure that all customers can withdraw their assets as early as possible at their convenience. The fiat deposit function will be halted on January 20, 2023. All Coinbase Japan customers must withdraw their held fiat and cryptocurrencies from Coinbase by February 16, 2023. Any remaining crypto assets held on Coinbase on or after February 17 will be converted to yen. Within one month after February 17, Coinbase will transfer all remaining yen to a trust account at the Japanese Legal Affairs Bureau as required by law. If customers do not take any action by February 16, they will have to coordinate with the Legal Affairs Bureau to retrieve their yen balance. (source link)