The American bitcoin exchange Coinbase объявила о прекращении деятельности в Японии. The company cited unfavourable market conditions.
At the start of January the platform announced a partial winding down of operations and staff reductions in its local unit.
“Due to market conditions, our company has made a difficult decision to halt operations in Japan, as well as to study and analyse its business in the country. Nevertheless, we are committed to making this transition as smooth as possible for our valued customers,” the statement said.
From January 20, Coinbase Japan will stop accepting deposits. Until February 16, users will be able to withdraw digital assets to any external wallet. As an alternative, they were offered to liquidate positions and receive funds in yen to an internal bank account.
In accordance with the law, after the specified date the company will convert unclaimed client sums in cryptocurrencies into fiat. It will transfer the funds to the accounts of the Bureau for Legal Affairs. Users will be able to restore their balances in yen through the agency.
“We want to assure you that we have separated the yen and the crypto assets held for our clients in custody in accordance with the rules. We are committed to ensuring that all users can withdraw funds on demand,” Coinbase said.
In June 2018 the company announced the opening of an office in Japan for further expansion in the country.
In 2021 the exchange announced the launch of a “fully compliant with local norms” platform Coinbase Japan. The platform’s banking partner was financial giant Mitsubishi UFJ Financial Group.
Against the backdrop of crypto winter in June 2022, the American exchange laid off 1,100 employees (18% of its workforce). A new wave of cuts followed in the autumn — another 60 staff members lost their jobs .
In early January 2023, Coinbase announced a third round of layoffs, planning to terminate employment with 950 workers.
Earlier in November 2022, Binance acquired the Sakura Exchange BitCoin, registered with the Japan Financial Services Agency, to enter the local market .
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