Crypto major Coinbase has announced that it will be halting its operations in Japan and reviewing its business in the country due to current market conditions.
Photo credit: Coinbase
The firm said customers can still withdraw their fiat and crypto holdings until February 16. Afterward, all remaining holdings on the platform will be converted to Japanese yen.
The company also warned that users need to coordinate with the country’s Legal Affairs Bureau about their funds if they don’t act before February 16. Meanwhile, Coinbase users in Japan will be unable to make fiat deposits by January 20.
The development follows Coinbase recently laying off 950 employees as part of its efforts to slim down operating expenses by 25% quarter over quarter.
See also: Singaporeans feel ‘betrayed’ by Temasek-backed FTX
Editing by Miguel Cordon and Lorenzo Kyle Subido
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