Coinbase Global Inc, one of the largest cryptocurrency exchanges in the world, has instructed its customers in Japan to withdraw their crypto and fiat holdings by the 16th of February, as it suspends operations to review its business in Japan.
After the 16th, any remaining crypto holdings will be converted to Japanese yen and sent to a Guaranty Account at the Legal Affairs Bureau, as per legal requirements.
Customers will then have to coordinate with the Legal Affairs Bureau to retrieve their balance. The company also mentioned that the fiat deposit functionality will be removed on the 20th of January.
The company has been cutting down its headcount since last year, cutting 18% of its global workforce in June, and another 950 employees (about 20% of its current workforce) as part of a “further restructuring plan” earlier this month.
This move by Coinbase follows similar actions by other crypto exchanges, which have reduced staff and operational costs after the sudden collapse of FTX in November.
Coinbase’s share price on the Nasdaq closed 8.32% higher at $54.14 on Tuesday, however, it lost around 1.48% during Wednesday’s pre-market trading.
