Coinbase To Halt Operations in Japan

Due to a trading slump in the country, Coinbase is halting its operations in Japan.

The crypto exchange originally started planning its Japanese expansion during the bear market in 2018. Now, with the FTX fallout still impacting the overall market, Coinbase has decided to regroup and put its Japanese operations on hiatus.

Coinbase officially announced on Jan. 18 that the firm would terminate operations in Japan and conduct a complete review of its business in the country due to market conditions.

All Coinbase Japan customers will have until Feb. 16 to withdraw their fiat and crypto holdings from the platform. After Feb. 17, the remaining crypto assets held by Coinbase Japan customers will be converted to Japanese yen. Fiat currency deposits will not be available from Jan. 20, according to CoinTelegraph.