Coinbase Confirms It's Halting Operations in Japan

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.

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