Crypto exchange Coinbase Global (NASDAQ:COIN) is exiting its operations in Japan due to volatile market conditions. The company’s decision comes just a few weeks after rival exchange Kraken ceased its operations in the country. Coinbase entered the crypto market in Japan in August 2021.
Macro pressures have impacted investors’ appetite for risky assets. Furthermore, the FTX collapse has shaken investors’ confidence in the crypto market.
Coinbase’s customers in Japan will have time until February 16, 2023, to withdraw their fiat and crypto holdings. As per the company’s blog, any remaining crypto held on its platform on or after February 17 will be converted to yen. The company added that in the month following February 17, any remaining amount will be sent to a guaranty account at the Legal Affairs Bureau for customers to retrieve. Coinbase intends to conduct a thorough review of its Japanese operations.
Coinbase and several other crypto players have been cutting down their costs and streamlining operations. Earlier this month, Coinbase announced that it would lay off about 20% of its employees.
What is the Price Target for Coinbase Stock?
Wall Street is sidelined on Coinbase stock, with a Hold consensus rating based on nine Buys, nine Holds, and five Sells. The average COIN price target of $56.19 implies 3.8% upside potential. Shares have plunged 76% over the past year.
