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Coinbase Shuts Down in Japan

America’s largest regulated crypto exchange, Coinbase, has announced that it will cease operations in Japan due to market conditions.

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“Our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country,” Coinbase said.

The San Francisco-based firm said that customers can still withdraw funds from their accounts until February 16. The company is also offering customers the option of liquidating their crypto accounts to a Japanese bank account. The crypto holdings and fiat funds that have not been withdrawn by then will automatically be converted into Japanese yen, and moved to a guaranty account at Japan’s Legal Affairs Bureau. Customers will then be required to work with the bureau directly to regain access to their funds.

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