Despite Bitcoin (BTC) returning to pre-FTX collapse cost levels, the contagion still affects the industry, forcing Coinbase cryptocurrency exchange to close operations in Japan.Coinbase officially

announced on Jan. 18 that the company would end operations in Japan and carry out a total review of its organization in the nation due to market conditions.All Coinbase Japan consumers will have till Feb. 16 to withdraw their fiat and crypto holdings from the platform. After Feb. 17, the staying crypto possessions held by Coinbase Japan clients will be converted to Japanese yen. Fiat currency deposits will not be offered from Jan. 20. The firm noted that customers could move their assets to any other virtual asset service provider, a self-custodial wallet, or Coinbase Wallet. Consumers can also liquidate their portfolios and withdraw properties to a domestic bank account.Coinbase worried that the platform is devoted to making the service termination as smooth as possible, ensuring clients that all users can withdraw their possessions at the earliest convenience.As formerly reported, Coinbase initially began planning its Japanese growth throughout a bear market in 2018. Related: Japan to lift the ban on foreign stablecoins like USDT in 2023: Report In stopping Japan, Coinbase follows in the steps of Kraken, another

global crypto exchange that chose to cease operations in the country in late 2022. The exchange stated it dealt with similar obstacles in Japan, citing a”weak crypto market.”Kraken and Coinbase have also considerably minimized their labor force, with Kraken laying off 30%of its staff soon after the FTX exchange collapsed in November 2022. Coinbase, which already had its personnel reduced by 18%

last year , announced another 20% workforce cut in January.At the time of composing, Coinbase’s

day-to-day trading volumes amount to $1.98 billion, down about 1.3 %considering that late November 2022, according to information from CoinGecko. Coinbase’s regular monthly sees toppled more than 6%over the very same duration.