Coinbase Announces Its Departure From Japanese Crypto Market Amid Low Demand

It has been over two months since the FTX crash took place but the crypto community still finds it hard to trust the crypto market.

They have lost their trust not only in the crypto market but also in the exchanges that have been operating for ages. These exchanges have been around since the beginning and are fully regulated.

Despite their market reputation, it is the constant fear that is keeping investors and users away from these platforms.


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In the latest trading sessions, the trading price of Bitcoin (BTC) has regained the same levels it had prior to the collapse of the FTX exchange.

Still, it seems that the investors are not ready to make a comeback or trust the crypto industry. The contagion is still there and it is forcing investors out of the industry.

Coinbase is facing the Impact

Even the likes of Coinbase, a major crypto exchange have started to face the impact of the FTX contagion.

The Coinbase exchange has been around since 2012, which is considered the early stage of the crypto exchange and trading industry.

Even the exchange had to make the difficult decision of leaving one of the crypto markets. The officials at the exchange have recently announced that they are forced to leave the Japanese crypto market.

They have confirmed that they will be pulling out crypto exchange operations from Japan. They have confirmed that it is because of the low demand in the country for crypto that has forced them to make this decision.

Coinbase to Cease Operations in Japan

It was on January 18, when the officials at Coinbase announced that they were discontinuing their operations in Japan.

In addition to the above, the exchange officials have revealed what their next course of action is going to be.

They will be reviewing their entire operations in Japan to see exactly what the market conditions in the region are. They want to see what sort of impact they are facing on their business due to the Japanese market.


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Although the review is underway, the exchange is sure that it is no longer going to run its operations in Japan.

Withdrawal or Transfer of Funds

They have already announced that the users will have the ability to withdraw their holdings from the exchange until February 16. The holdings are in the form of cryptocurrencies and fiat.

If the users do not withdraw their funds by February 16, these funds will be converted to the Japanese yen on February 17.

In addition to the above, the exchange has also ceased deposits for the fiat currencies starting from January 20. No users from Japan will be able to deposit fiat funds into the exchange from the mentioned deadline.

The exchange has advised that Japanese users should either move their funds to other crypto custody service providers or withdraw them entirely.

They have also communicated that the users can move the funds to the Coinbase wallet as well. The Coinbase wallet is universal for all of their platforms based all over the world.

Therefore, it will not be impacted by the closure of operations in Japan. The users can even transfer the funds held on the Coinbase exchange to their domestic bank accounts.

Service Termination is Inevitable


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Coinbase has made it clear that they are committed to ensuring that their services are terminated in the country. They have advised the users to ensure all of their funds are withdrawn or transferred before the deadlines.

Coinbase took a while to come to the conclusion of moving out of Japan. It was back in 2018 when the Coinbase exchange revealed its intentions of leaving the Japanese market due to a lack of demand.

It took the exchange almost 5 years to come to the conclusion and confirm that it is going to retreat from Japan.


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