The collapse in the prices of digital assets has produced a large number of complications in that sector.
From the more than 64,000 dollars that each Bitcoin was quoted in the first quarter of 2022, the token fell to 16,000, to now recover to 21,000.
Over the past year it was a decline of the order of 64 percent, prompting many investors to stay away from this risky (and risky) asset class.
In the middle, hundreds of thousands of scammed.
The drop in confidence in cryptocurrencies was consolidated when the stablecoin linked to the Luna cryptocurrency project collapsed, and everything was further complicated when late last year one of the largest exchanges on the planet, FTX, fell out of favor dragging savings of hundreds of thousands.
In parallel, thousands of layoffs in the sector among the most important companies in the world.
Coinbase leaves Japan
In this context, we must analyze the news of this Wednesday, January 18: Coinbase announced that it has ended its operations in Japan and advised customers to withdraw their assets by February 16.
The American-origin cryptocurrency exchange (the most important in that country) stopped its business in Japan and canceled the crypto exchange platform.
Coinbase Said the Decision Is Related to “Current Market Conditions,” Posted The Block.
The exchange also said that it will do a full analysis of its operations in that country while it finishes defining its strategy.
Now, Coinbase Japan customers have until February 16 to withdraw their assets. Users can choose to withdraw their funds in fiat or crypto currency, according to the announcement.
Those who do not do so after February 17 should contact the Japan Legal Affairs Office, the country’s civil administrative office.
Coinbase had started operating in Japan in 2021 after partnering with Japanese financial firm Mitsubishi UFJ Financial-Group.
Japan’s departure from Coinbase comes just a week after the same company announced a third round of job cuts.
So far, Coinbase it has laid off 2,100 employees since June 2022.
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