Coinbase to Halt Operations in Japan
TOKYO – Coinbase (COIN) will halt its operations in Japan due to “market conditions” the company stated in a blog post, Wednesday.
The announcement comes on the same day that the Bank of Japan announced it would remove its yield curve control, effectively raising its inflation target.
The Tokyo DeFi company is giving customers until February 16 to remove their cryptocurrency into their Coinbase Wallet or a third-party wallet and Yen (JPY) into a domestic bank. All crypto left on the Coinbase Japan exchange will be liquidated into JPY on February 17.
Japan continues to struggle with inflation. In December 2022, the BOJ announced it would ease government-capped interest rates which caught investors off guard, unsettling markets. Inflation has risen significantly, as has the US dollar, making lending and borrowing more difficult.
