Last week, Brian Armstrong announced that Coinbase would cut expenses by laying off 20% of its staff, citing difficult market conditions. The office for East Asia was to be shut down. The exchange has now announced in a blog post that it would halt operations completely in Japan, and customers have until Feb. 16 to withdraw their funds, before they are converted into yen and sent into a guaranty account at the Legal Affairs Bureau.
Less than a month ago, Kraken also announced cutting its services to Japanese customers. Despite the prolonged crypto winter and right in the middle of the FTX collapse, Binance acquired the Japan-based Sakura Exchange BitCoin at the end of November, in order to get access to the Japanese market.
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