Cryptocurrency Exchange Coinbase to Halt Operations in Japan

Cryptocurrency exchange Coinbase said on Wednesday it will terminate operations in Japan due to volatile market conditions.

All Coinbase Japan customers will have until February 16 to withdraw their fiat and crypto holdings, the company said in a blog post.

Coinbase’s decision to exit comes only a few weeks after rival exchange Kraken said it would cease its operations in Japan this month.

Also read: Hong Kong Drawing Up Cryptocurrency Token Trading Shortlist

Several firms have suffered from waning investor appetite for cryptocurrencies after major exchange FTX blew up in September.

Higher interest rates and worries of an economic downturn have also piled pressure on the crypto industry, as investors flee risky assets.

The crypto sector’s woes have continued this year, marked by plunging deposits, layoffs and multiple legal hurdles.

Coinbase, Crypto.com and Huobi have all announced plans to lay off about 20% of their respective staff, while a source told Reuters earlier this month that Genesis, too, had cut jobs, equating to 30% of its workforce.

Reuters, with additional editing by Vishakha Saxena

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]