{"id":540396,"date":"2023-01-18T13:08:32","date_gmt":"2023-01-18T10:08:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/coinbase-stops-japan-operations-amid-trading-slump\/"},"modified":"2023-01-18T13:08:32","modified_gmt":"2023-01-18T10:08:32","slug":"coinbase-stops-japan-operations-amid-trading-slump","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/coinbase-stops-japan-operations-amid-trading-slump\/","title":{"rendered":"# Coinbase stops Japan operations amid trading slump"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2924874d6af\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2924874d6af\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/coinbase-stops-japan-operations-amid-trading-slump\/#%E2%80%9D_Coinbase_stops_Japan_operations_amid_trading_slump_%E2%80%9C\" >&#8221; Coinbase stops Japan operations amid trading slump &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Coinbase_stops_Japan_operations_amid_trading_slump_%E2%80%9C\"><\/span>&#8221; Coinbase stops Japan operations amid trading slump &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvODk4ODJjY2UtM2UyNi00ZTM5LWIxZGQtOGM5YTNlYTJkNDNmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Despite Bitcoin (BTC) returning to pre-FTX collapse price levels, the contagion still affects the industry, forcing Coinbase cryptocurrency exchange to close operations in Japan.<\/p>\n<p>Coinbase officially <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinbase.com\/blog\/halting-operations-in-japan\">announced<\/a> on Jan. 18 that the firm will be terminating operations in Japan and conduct a complete review of its business in the country due to market conditions.<\/p>\n<p>All Coinbase Japan customers will have about a month to withdraw their fiat and crypto holdings from the platform by Feb. 16. After Feb. 17, the remaining crypto assets held by Coinbase Japan customers will be automatically converted to the Japanese yen (JPY). Fiat currency deposits will not be available from Jan. 20.<\/p>\n<p>The firm noted that clients will be able to move the assets to any other virtual asset service provider, a self-custodial wallet as well as Coinbase Wallet. Customers can also liquidate their portfolio and withdraw their assets to a domestic bank account.<\/p>\n<p>Coinbase stressed that the platform is committed to making the service termination as smooth as possible, assuring customers that all users can withdraw their assets at the earliest convenience.<\/p>\n<p>As previously reported, Coinbase originally started planning its Japanese expansion during a bear market of 2018.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Japan to lift the ban on foreign stablecoins like USDT in 2023: Report<\/em><\/strong><\/p>\n<p>In quitting Japan, Coinbase follows in the footsteps of Kraken, another global crypto exchange that decided to cease operations in the country in late 2022. The exchange said it faced similar challenges in Japan, citing a \u201cweak crypto market.\u201d<\/p>\n<p>Both Kraken and Coinbase have also significantly reduced their workforce, with Kraken laying off 30% of its staff soon after the FTX exchange collapsed in November. Coinbase, which already had its staff reduced by 18% last year, announced another 20% workforce cut in January.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/coinbase-stops-japan-operations-amid-trading-slump\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Coinbase stops Japan operations amid trading slump &#8220; Despite Bitcoin (BTC) returning to pre-FTX collapse price levels, the contagion still affects the industry, forcing Coinbase cryptocurrency exchange to close operations in Japan. Coinbase officially announced on Jan. 18 that the firm will be terminating operations in Japan and conduct a complete review of its&#8230;<\/p>\n","protected":false},"author":1,"featured_media":540397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/89882cce-3e26-4e39-b1dd-8c9a3ea2d43f.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74956,74863,74860,117,20618],"class_list":["post-540396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-coinbase","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-business","tag-japan"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/540396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=540396"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/540396\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/540397"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=540396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=540396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=540396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}