Coinbase stops Japan operations amid trading slump

Coinbase stops Japan operations amid trading slump

Despite Bitcoin (BTC) returning to pre-FTX collapse price levels, the contagion still affects the industry, forcing Coinbase cryptocurrency exchange to close operations in Japan.

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.

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The firm noted that clients will be able to move the assets to any other virtual asset service provider, a self-custodial wallet as well as Coinbase Wallet. Customers

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