Coinbase Ceases Japan Operations As Planned Despite The Country's Crypto Concessions

Coinbase Global, Inc COIN quit operations in Japan, citing changes in the market environment.
Users can withdraw their assets until February 16, Japan time.
Coinbase customers can withdraw fiat currency and cryptocurrency holdings from Coinbase by February 16.
Customers can withdraw their crypto assets to other crypto service providers, Coinbase Wallet, or other self-hosted wallets.
Alternatively, customers can liquidate portfolios and withdraw Japanese Yen to their local bank account.
The fiat currency deposits will be unavailable from January 20.
Coinbase's exit comes less than a month after another prominent digital asset exchange, Kraken, shared its withdrawal plan from the country, Bloomberg reports.
Coinbase's closure follows its decision to slash 20% of its workforce globally as it battled the crypto meltdown.
Coinbase retreated from Japan despite relaxations on its crypto norms that enticed rival Binance to buy a local player to re-enter the country.
Last week, Coinbase's SVP Nana Murugesan voiced plans to wind down the majority of Japan operations in an interview.
Coinbase previously collaborated with Mitsubishi UFJ Financial Group, Inc MUFG to launch a crypto exchange in Japan in 2021.
Price Action: COIN shares closed higher by 8.32% at $54.14 on Tuesday.