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Jan 18 (Reuters) – Cryptocurrency exchange Coinbase Global announced on Wednesday that it will suspend operations in Japan due to volatile market conditions.
All Coinbase Japan customers must withdraw their holdings of fiat and cryptocurrencies by February 16, the company said in a blog post.
Coinbase’s decision to exit comes just weeks after rival exchange Kraken announced it would cease operations in Japan this month.
After the crash of major exchange FTX in September, several companies are suffering from investors’ appetite for cryptocurrencies waning. Rising interest rates and recession concerns are also putting pressure on the crypto industry as investors flee riskier assets.
The crypto sector’s woes continue this year, marked by plummeting deposits, layoffs, and multiple legal hurdles.
Coinbase, Crypto.com and Huobi have all announced plans to lay off about 20% of their staff, with sources telling Reuters earlier this month that Genesis has also cut the equivalent of 30% of its workforce. says. (Reporting by Jyoti Narayan, Bengaluru; Editing by Savio D’Souza and Janan Venkatraman)
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