BlocksInform
Cryptocurrency exchange COINBASE (coin) stated that it is shutting down its transactions in Japan, citing "market conditions" as the reason.
The deadline for clients is February. 16 to withdraw their fiat and crypto holdings from the exchange, Coinbase announced on Wednesday. Filings will be suspended starting in January. 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 in the footsteps of its peer Kraken, who ended its operations in Japan at the end of last year.
With the increasingly aggressive crypto winter at the end of 2022 following the collapse of ftx, crypto companies have been recalibrating their business models to adapt to conditions. Most recently, Coinbase cut around 20% of its workforce - about 950 people - as part of its restructuring.
Following the downsizing, a number of reports indicate that Coinbase is shutting down operations in Japan.
It is also possible that exchanges may consider withdrawing or reducing their operations in some markets, such as currencies and kraken.
COIN stock is currently down 1.61% at $53.27 in pre-market trading at the time of writing, amidst a rally for the exchange which has seen its stock price increase some 56% since the start of the year.
