Coinbase asks Japan customers to withdraw holdings as it halts operations

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Coinbase Global Inc., the world’s second largest cryptocurrency exchange by trade volume, has asked customers in Japan to withdraw crypto and fiat holdings by Feb. 16, as it halts operations “to conduct a complete review” of its business in the country.

See related article: Coinbase blames India’s central bank for exit

Fast facts

  • After Feb. 16, Coinbase will convert any remaining crypto holdings to Japanese yen and send any remaining yen “to a Guaranty Account at the Legal Affairs Bureau in accordance with legal requirements,” the company said in a blog post on Wednesday. 
  • Coinbase customers in Japan will then have to coordinate with the Legal Affairs Bureau to retrieve their balance. 
  • Fiat deposit functionality will be removed on Jan. 20, the company added. 
  • The company has been reducing headcount since last year. In June, it cut about 18% of its global workforce. It cut another 950 employees earlier this month, about 20% of its current workforce, as part of “a further restructuring plan.”
  • Coinbase joins several crypto exchanges in reducing staff and operational costs after the sudden collapse of FTX in November, once the world’s second-largest crypto exchange.
  • Coinbase’s share price on the Nasdaq closed 8.32% higher at US$54.14 on Tuesday but lost around 1.48% during Wednesday’s pre-market trading. 
  • See related article: Coinbase CEO Armstrong says Bankman-Fried’s US$8 bln ‘accounting error’ doesn’t stand up
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