Coinbase stops operations in Japan due to market conditions

America's largest regulated cripto exchange, Coinbase, has announced that it will stop operations in Japan due to market conditions.

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Our company has made a difficult decision to halt operations in Japan and conduct a complete review of our business in the country, according to Coinbase.

Customers can still withdraw funds from their accounts until February 16th, according to the San Francisco-based firm. Customers can also be offered the option of liquidating their accounts to a Japanese bank account. The holdings and fiat funds that have not been withdrawn by then will automatically be converted into Japanese yen and moved to a guaranty account at Japan's Legal Affairs Bureau. Customers will have to work with the bureau to regain access to their funds.

On January 20 the ability of customers to deposit funds into any Coinbase Japan accounts will be halted by Coinbase Japan.

Armstrong received $4 million from selling his shares from November 2021 to January 2023, a decline in share prices in the year 2022, as a result of the drop in share prices. Since April 2021, the senior leadership of Coinbase, including Armstrong, have received approximately $1.2 billion from stock sales.

Despite having an opening-day sale price of $381 last April, the price of Coinbase closed at $35 last year, losing over 80% of its value.