Coinbase Stops Japan Operations After Slump in Digital Assets
- Follows exchange’s decision to cut 20% of workforce globally
- Asks customers to withdraw holdings, plans business review
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Coinbase Global Inc. is halting operations in Japan, less than a month after another major digital asset exchange Kraken announced its withdrawal from the country.
Customers will have until Feb. 16 to withdraw their fiat and crypto holdings, Coinbase said in a blog post Wednesday. Any remaining crypto held at Coinbase on or after Feb. 17 will be converted to yen, and the company will send any remaining cash to a guaranty account at the Legal Affairs Bureau in the month after that date, it said.