San Francisco-based Coinbase exchange has announced that it plans to halt all operations in Japan. The exchange added that it was forced to make the difficult decision due to the ongoing bear market conditions.
Coinbase to Halt Fiat Deposits on January 20th in Japan
However, Coinbase was committed to making the transition as smooth as possible for its customers. It explained that it would halt all fiat deposits on January 20th, 2023.
We want to assure you that we have segregated the Japanese Yen and crypto assets of our customers in custody in compliance with the regulations, and we are committed to ensuring that all our customers can withdraw their assets at their earliest convenience. Fiat deposit functionality will be removed on January 20th, 2023 JST.
Coinbase Japan Customers Have Until February 16th to Withdraw Fiat and Crypto
Furthermore, all Coinbase customers in Japan were given until February 16th to withdraw all their fiat and crypto from the platform. They were also given the option of liquidating their portfolio and withdrawing their JPY to domestic bank accounts.
Coinbase added:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.Any remaining crypto holdings held on Coinbase on or after February 17th will be converted to JPY. In the month following February 17th, Coinbase will send any remaining JPY to a Guaranty Account at the Legal Affairs Bureau in accordance with legal requirements. If customers do not take any action before February 16th, they will have to coordinate with the Legal Affairs Bureau to retrieve their JPY balance.