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Crypto exchange Coinbase says it will halt Japan operations

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

Jakub Porzycki | Nurphoto | Getty Images

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

All Coinbase Japan customers will have until Feb. 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, too, would cease its operations in Japan this month.

Several firms have suffered from waning investor appetite for crypto 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.

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James Thomas
James Thomashttps://businessadvise.org
Hello, I am James Thomas blogger and content creator who specializes in personal finance and investing at Business Advise. I have been writing for over 5 years and have built a large following of readers who value practical advice and actionable tips. I'm committed to helping people take control of their financial futures and achieve their goals.

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