Cryptocurrency exchange Coinbase Global (COIN) is halting its operations in Japan due to volatile market conditions.
All Coinbase customers in Japan have been given until February 16 to withdraw their cryptocurrency holdings and other assets, the company said in an online blog post.
Coinbase’s exit comes weeks after rival crypto exchange Kraken said it would stop operations in Japan due to ongoing volatility.
Coinbase has seen waning demand for its trading and exchange services following the bankruptcy filing of FTX last November.
In recent months, the global crypto sector has been hit by plunging deposits, staff layoffs, regulatory threats, and lawsuits.
Coinbase, Crypto.com and Huobi have each announced plans to layoff about 20% of their workforce.
Coinbase’s stock has declined 76% over the last 12 months to $54.14 U.S. per share.
