Crypto exchange Coinbase says it will halt Japan operations

BANGALORE - 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 per cent of their respective staff, while a source told Reuters earlier this month that Genesis, too, had cut jobs, equating to 30 per cent of its workforce. REUTERS