Coinbase Confirms it’s Halting Operations in Japan

Cryptocurrency exchange Coinbase (COIN) said it’s halting its operations in Japan, citing “market conditions” as the explanation.

Customers have until Feb. 16 to withdraw their fiat and crypto holdings from the exchange, Coinbase announced on Wednesday. Fiat deposits will probably be halted on Jan. 20.

Coinbase entered the Japanese market after completing its registration with the country’s Financial Services Agency (FSA) in June 2021. The exchange is following within the footsteps of its peer Kraken, who ended its operations in Japan at the tip of last yr.

With the crypto winter biting ever harder in late 2022 following the collapse of FTX, crypto firms have been recalibrating their business models to adapt to conditions. Most recently, Coinbase cut around 20% of its workforce – about 950 people – as a part of its restructuring.

After the workforce reduction, there have been several reports that Coinbase is closing its Japanese operations.

Exchanges can also look to withdraw or downscale operations in certain markets, similar to Coinbase and Kraken have done in Japan.

COIN stock is currently down 1.61% at $53.27 in pre-market trading on the time of writing, amidst a rally for the exchange which has seen its stock price increase some 56% for the reason that start of the yr.

Read more: ARK Buys $2.5 Million in Coinbase Shares as COIN Continues Rally

Leave a Comment

Copyright © 2024. All Rights Reserved. Finapress | Flytonic Theme by Flytonic.