Japan witnesses crypto Coinbase exchange halting operations

Japan witnesses Crypto Coinbase exchange halting operations

Kanako Mita and Michiyo Tanabe

Modern Tokyo Times

The cryptocurrency exchange market in Japan is witnessing changes in early 2023. Kraken recently announced it would cease operations in this country – and now Coinbase Global Inc is following suit. 

Coinbase will cease operations after an interim period for people to withdraw their crypto holdings. This company announced its decision concerning market volatility. 

CNBC reports, “All Coinbase Japan customers will have until Feb. 16 to withdraw their fiat and crypto holdings, the company said in a blog post.”

Various factors for the changing cryptocurrency market in Japan – and internationally – pertains to the FTX convulsions, higher interest rates, the economic downturn, and other factors. Accordingly, many investors are offloading riskier assets.

Reuters reports, “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.”

Job losses of approximately 20% have been announced by Coinbase, Crypto.com, and Huboi. Likewise, Genesis cut its workforce by approximately 30% – thus similar to Big Tech companies also announcing recent job cuts, late 2022 and early 2023 are following a similar pattern. 

The Guardian reports, “Bitcoin lost two-thirds of its value, in a grinding ‘crypto winter’ in which a series of trading platforms failed, including the cryptocurrency exchange FTX.”

Coinbase – despite economic negatives in 2022 – is optimistic for its long-term future. 

On the Coinbase website, it says, “Progress doesn’t always happen in a straight line, and sometimes it can feel like we’re taking two steps forward and one step back. But just like we saw with the internet, the most important companies not only survive but thrive during down markets by being rigorous with cost management, and continuing to build innovative products.”

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