Coinbase Exiting The Japanese Market
You may not realize how hard the crypto winter blows would be. You have to make tough decisions in order to survive and stay in the business. No one can deny that this is a hard time to keep running the business.
Crypto exchange Coinbase decides to exit the Japanese market. The company has to take harsh decisions due to the present market conditions. Coinbase already took difficult decisions to reduce operating costs. Now they are suspending their operation in Japan.
Coinbase made an announcement in a post where it says the fiat deposit option will be removed on January 20, 2023. Customers will be able to withdraw fiat and crypto assets until February 16, 2023. After that, customers have to go through Legal Affairs Bureau to get their funds.
Coinbase will convert any remaining crypto holding into Japanese yen (JPY) after February 16, 2023, and send it to a Guaranty Account at the Legal Affairs Bureau, as per legal requirements. They want to do everything to make the transition in an efficient and effective way.
If you are in crypto, you need to stay up-date so that you can make changes and adapt to the situation. If you are a Coinbase customer in Japan, it is better to withdraw your fiat and crypto assets. Otherwise, your crypto holding will be converted to fiat currency and you have to work with the Legal Affairs Bureau to withdraw your fund.
When you explore the crypto space, you can make your move in time that will benefit you. Not only that, you can get new opportunities because you know what's going on in the market and what you can do to take advantage of the situation.
Due to macroeconomic factors, Coinbase recently laid off 20% of its workforce, that is, they decided to let go of 950 employees. Focusing on increasing operating efficiency and reducing operation costs, the company closes some projects that have a lower probability of success.
When the situation changes, you have to accept reality and make your move accordingly. The crypto market will not be in a downtrend forever. Things will change. Until then, keep hustling and take advantage of this situation to build and grow.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Reference: 1.
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It's unfortunate but at least the money will be securely placed somewhere and people can get it back if they want to. I wonder if it's the regulations that made them pull out or is it due to operating costs.
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Coinbase mentioned that's due to the market condition. They are going hard on reducing the operation costs.
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