Coinbase Confirms It's Halting Operations in Japan

Customers have until Feb. 16 to withdraw their fiat and crypto holdings from the exchange.

AccessTimeIconJan 18, 2023 at 10:54 a.m. UTC
Updated May 9, 2023 at 4:06 a.m. UTC

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.


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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.