Coinbase announced today that it will halt its operations in Japan. The crypto company blamed the market conditions for the decision.

The company stresses that it has segregated the Japanese Yen and crypto assets of its customers in custody in compliance with the regulations, and it is committed to ensuring that all its customers can withdraw their assets at their earliest convenience.

Fiat deposit functionality will be removed on January 20th, 2023 JST.

All Coinbase Japan customers will have until February 16th, 2023 JST to withdraw their fiat and crypto holdings from Coinbase. 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.

Any remaining crypto holdings held on Coinbase on or after February 17th will be converted to JPY. In the month following February 17th, Coinbase will send any remaining JPY to a Guaranty Account at the Legal Affairs Bureau in accordance with legal requirements.

If customers do not take any action before February 16th, they will have to coordinate with the Legal Affairs Bureau to retrieve their JPY balance.