• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Friday, June 20, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Coinbase to halt Japan operations

by Om Chaturvedi
January 19, 2023
in Crypto
Reading Time: 2 mins read
0
Coinbase to halt Japan operations

Credits: CNBC

TwitterWhatsappLinkedin

Due to high market losses and trading slumps, famous crypto exchange Coinbase is mulling to stop operations in Japan.

You might also like

Financial Leap by X: In App Trading and Digital Wallet Propel Musk’s Super App Dream

Crypto’s Final Frontier: Binance’s CZ Champions “Will Function” for Digital Assets After Death

Crypto’s Youngest Tycoon? How Barron Trump May Have Earned $40 Million from His Father’s World Liberty Financial

Customers will have until Feb. 16 to withdraw their fiat and crypto holdings, Coinbase said in a blog post Wednesday. Any remaining crypto held at Coinbase on or after Feb. 17 will be converted to yen, and the company will send any remaining cash to a guaranty account at the Legal Affairs Bureau in the month after that date, it said. “Due to market conditions, our company has made the difficult decision to halt operations in Japan,” according to the post. Coinbase plans to conduct a “complete review of our business in the country,” it said.

Coinbase will Halt Operations in Japan Due to Volatile Conditions
Credits: Analytics Insights

The business closure follows the firm’s decision to cut 20% of its workforce globally, the latest layoffs at the San Francisco-headquartered firm as it grapples with a slump in crypto assets. Coinbase is retreating from Japan even as the nation loosens some crypto rules, which has enticed rival Binance — the largest digital-asset exchange — to recently buy a local player to re-enter the country.

The cryptocurrency market is going through turbulent times as the plunging value of digital assets amid rising interest rates and the collapse of some of its biggest players, including FTX, have shaken the faith of investors in what was seen as the next big thing in the world of finance.

Coinbase, Crypto.com and Huobi have all announced plans to lay off about 20 per cent of their respective staff, while a source told Reuters earlier this month that Genesis, too, had cut jobs, equating to 30 per cent of its workforce.

All Coinbase Japan customers will have until Feb. 16 to withdraw their fiat and crypto holdings, the company said in a blog post. The company’s shares shed about 86 per cent of their value last year, amid a brutal selloff in cryptocurrencies ranging from bitcoin to dogecoin that wiped out more than a trillion dollars from the sector. Coinbase’s decision to exit comes only a few weeks after rival exchange Kraken said it, too, would cease its operations in Japan this month.

Coinbase Confirms It's Halting Operations in Japan
Credits: Coindesk

Several firms have suffered from waning investor appetite for crypto after major exchange FTX blew up in September. Higher interest rates and worries of an economic downturn have also piled pressure on the crypto industry, as investors flee risky assets. The crypto sector’s woes have continued this year, marked by plunging deposits, layoffs and multiple legal hurdles.

Coinbase, Crypto.com and Huobi have all announced plans to lay off about 20% of their respective staff, while a source told Reuters earlier this month that Genesis, too, had cut jobs, equating to 30% of its workforce.

We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our Japan entity,” Nana Murugesan, vice president for international and business development, said in an interview last week. Coinbase previously teamed up with Mitsubishi UFJ Financial Group to launch a crypto exchange in Japan in 2021.

Coinbase pledged to make the transition in Japan “as smooth as possible,” the blog post said. The company has segregated the yen and crypto assets of its customers in custody in compliance with Japan’s regulation, and is committed to ensuring that all its clients can withdraw their assets “at their earliest convenience,” it said.

Tags: #Crypto exchangesCoinbaseJapan
Tweet54SendShare15
Previous Post

Despite of finding $5.5 billion liquid assets, FTX confirms major losses

Next Post

Bankman Fried refutes the claims made by FTX on crypto hacking

Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

Recommended For You

Financial Leap by X: In App Trading and Digital Wallet Propel Musk’s Super App Dream

by Anindya Paul
June 20, 2025
0
X

Elon Musk’s ambition to transform X (formerly Twitter) into an “everything app” edges closer to reality. According to CEO Linda Yaccarino, the platform will soon offer in app...

Read more

Crypto’s Final Frontier: Binance’s CZ Champions “Will Function” for Digital Assets After Death

by Anindya Paul
June 19, 2025
0
CZ

As the digital asset landscape matures, estate planning in crypto has emerged as one of its final, least-discussed frontiers. Binance founder Changpeng “CZ” Zhao is tackling this head-on,...

Read more

Crypto’s Youngest Tycoon? How Barron Trump May Have Earned $40 Million from His Father’s World Liberty Financial

by Anindya Paul
June 19, 2025
0
Barron Trump

At just 19, Barron Trump — the youngest son of former President Donald Trump — may have pocketed nearly $40 million from the family’s crypto initiative, World Liberty...

Read more
Next Post
Bankman Fried

Bankman Fried refutes the claims made by FTX on crypto hacking

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?