The Japanese arm of Coinbase has published an official blog post to announce that it is halting its operations in the region amid the present market conditions. Coinbase aims to review the business’s operations before moving forward with any other developments.
Customers in Japan can deposit fiat only until January 20, 2023, JST. Withdrawals of cryptocurrencies and fiat currencies will be halted from February 16, 2023, JST. Any remaining unit of the holdings will be converted into Japanese Yen and handed over to the Legal Affairs Bureau in accordance with legal compliance. The converted Japanese Yen will be sent to a Guaranty Account at the said department.
The Legal Affairs Bureau will then need to work with users to withdraw their holdings.
In the interim, users can easily withdraw their cryptocurrency and fiat holdings from the platform to any other Virtual Asset Service Provider or wallet service provider. A different choice is liquidating the entire portfolio, changing the assets into Japanese Yen, and transferring the money to a local bank account.
Coinbase has segregated JPY and crypto assets for a better user experience. To reiterate, the deadline to withdraw fiat and crypto holdings is February 16, 2023, JST, after which one will have to coordinate with the Legal Affairs Bureau to retrieve their funds.
Founded in 2012 with no native token, Coinbase quickly made a name for itself as one of the best crypto exchange platforms across the globe. It has over 3,000 cryptocurrencies listed along with 150+ trading pairs, with operations supported in more than a hundred countries. Coinbase is currently headquartered in San Francisco, California.
Coinbase is considered to be one of the most valuable public companies in the United States of America. Over 56 million verified users have accessed the platform for their respective purposes.
It also has a wallet service that makes it easier for customers to store their digital holdings. Coinbase Wallet is supported in over 190 countries and is used by institutions and retail investors. Coinbase is a legitimate platform, as it holds a license under the BitLicense program. Traders are assured of high liquidity by the team behind Coinbase, helping to beat the volatility factor in the market.
The platform adheres to KYC rules and offers security features like two-factor authentication, crime insurance, and biometric fingerprint logins, to name a few. Users can get on board by creating an account on Coinbase. They only have to visit the official website, link their bank account, and initiate buying and selling activity.
Japanese customers will have to wait, though, for a further update. Coinbase is putting a pause on its operations in Japan to review market conditions. Users are recommended to either liquidate their portfolio and claim JPY or transfer their holdings to a VASP or other wallet service provider by February 16, 2023.