Not long after firing 30% of its staff, Armstrong Coinbase, the US largest cryptocurrency exchange announced plans to suspend operations in Japan.
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Coinbase to Suspend Operations in Japan
Citing “market conditions”, Armstrong Coinbase has confirmed that it is suspending operations in Japan.
Furthermore, all Coinbase customers in Japan have been notified to withdraw their funds on the platform till February 16.
“Customers can choose to withdraw their crypto holdings to any other Virtual Assets Service Provider, Coinbase Wallet or any other self hosted wallet of their choice. Alternatively, customers can choose to liquidate their portfolio and withdraw their JPY to a domestic bank account,” the blog post noted.
Any funds yet to be withdrawn on the platform will be converted into JPY on or after February 17, and by legal requirements, the JPY will be sent to a Guaranty Account at Legal Affairs. Users who are concerned will however need to “coordinate with the Legal Affairs Bureau to retrieve their JPY balance.”
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