A representation of cryptocurrency is seen in front of Coinbase logo in this illustration taken March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photois halting its operations in Japan due to volatile market conditions, the cryptocurrency exchange said on Wednesday, days after it announced job cuts amid waning demand for digital assets.said it was ceasing its business in the country.
"Japan is unlikely a material contributor to Coinbase revenue," Oppenheimer analyst Owen Lau said, adding the company has been examining the market for some time but just got the license from the Japanese regulator a year and a half ago.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.
All Coinbase Japan customers will have until Feb. 16 to withdraw their fiat and crypto holdings, the company said in aThe company's shares shed about 86% 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.
Reporting by Jyoti Narayan and Manya Saini in Bengaluru; Editing by Savio D'Souza, Janane Venkatraman and Anil D'Silva
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