Jan 18 (Reuters) – Cryptocurrency exchange Coinbase Global Inc (COIN.O) announced on Wednesday that it would 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 statement. blog post.
Coinbase’s decision to exit comes just weeks after rival exchange Kraken announced it would also cease operations in Japan this month.
Several companies have suffered from the decline in investor appetite for crypto after the explosion of the major exchange FTX in September. Rising interest rates and fears of an economic slowdown have also put pressure on the crypto industry as investors flee risky assets.
The woes of the crypto industry have continued this year, marked by plummeting filings, layoffs, and multiple legal hurdles.
Coinbase, Crypto.com and Huobi have all announced plans to lay off around 20% of their respective staff, while a source told Reuters earlier this month that Genesis has also cut jobs, equivalent to 30 % of its workforce.
Reporting by Jyoti Narayan in Bengaluru; Editing by Savio D’Souza and Janane Venkatraman
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