Giant Cryptocurrency Exchange Ends Its Activities in Japan! ”He Told Customers Withdraw Your Money”

Cryptocurrency exchange Coinbase Global in a statement today, due to volatile market conditions in japan announced that it would cease operations.

Crypto exchange Coinbase Suspends Operations in Japan

In a statement, the company stated that all Coinbase Japan customers have until February 16 to withdraw their fiat and crypto holdings.

The company stated that customers can move assets to any other virtual asset service provider, self-escrow wallet and Coinbase Wallet. Clients can also liquidate their portfolios and withdraw their assets to a local bank account, he said.

Coinbase stressed that it is committed to making the platform’s termination of service as seamless as possible.

As previously reported, Coinbase first started planning its Japanese expansion during the 2018 bear market.

Coinbase exit decision, rival exchange of kraken came just weeks after it announced this month that it would cease operations in Japan.

After major exchange FTX went bankrupt in September, many firms suffered from a waning investor appetite for crypto. Concerns about high interest rates and economic downturn also put pressure on the crypto industry as investors shun risky assets.

The crypto industry’s woes continued this year, with deposits falling, layoffs and multiple legal hurdles.

Coinbase, Crypto.com, and Huobi While announcing that they plan to lay off about 20% of their own employees, a source told Reuters earlier this month that Genesis also cut jobs that amounted to 30% of its workforce.

*Not investment advice.