coinbase global inc is halting its operations in japan due to volatile market conditions the cryptocurrency exchange said on wednesday days after it announced job cuts amid waning demand for digital assetsthe move comes just weeks after rival exchange kraken said it was ceasing its business in the countryjapan is unlikely a material contributor to coinbase revenue oppenheimer analyst owen lau said adding the company has been examining the market for some time but just got the license from the japanese regulator a year and a half agothe 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 financecoinbase cryptocom and huobi have all announced plans to lay off about 20 of their respective staff while a source told reuters earlier this month that genesis too had cut jobs equating to 30 of its workforceall coinbase japan customers will have until february 16 to withdraw their fiat and crypto holdings the company said in a blog postthe companys shares shed about 86 of their value last year amid a brutal selloff in cryptocurrencies ranging from bitcoin to dogecoin that wiped out more than a trillion dollars from the sector