Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Jamie Crawley is a CoinDesk news reporter based in London.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Cryptocurrency exchange Coinbase (COIN) said it is halting its operations in Japan, citing "market conditions" and confirming earlier reports that it would close shop in the country.

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

Coinbase entered the Japanese market after completing its registration with the country's Financial Services Agency in June 2021. The exchange is following in the footsteps of rival exchange Kraken, which ended its operations in Japan at the end of last year.

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. Last week, Coinbase said it is cutting around 20% of its workforce – about 950 employees – as part of its restructuring.

Shares of Coinbase were down 1.6% at $53.27 in premarket trading. The stock has risen 56% since the start of the year after dropping more than 80% last year.



DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.