Although BTC (BTC) returned to aggregate demand before FTX plummeted, this spread still determined the sector, driving the Coinbase encrypted currency Exchange to shut down its business in Japan.

Coinbase officially announced on January 18th that it would stop its business in Japan and conduct a comprehensive inspection of its business in Japan because of the current market situation.

All Coinbase Japan customers will have about a month to withdraw their legal requirements and data encryption assets from the site by Feb. 16. After February 17, the remaining data encryption assets held by Coinbase Japan customers will be automatically converted into yen. From January 20, Fiat's car money savings will not be available.

The company stresses that customers will be able to transfer assets to any other virtual asset service provider, self-service escrow wallet and Coinbase wallet. Customers can also settle their asset allocation and obtain its assets to the Bank of China account.

Coinbase emphasizes that the service platform focuses on making the service items as smooth as possible, ensuring that all users can easily access assets in the first place.

As previously reported, Coinbase initially plans to expand in Japan during the 2018 bear market.

Coinbase withdrew from Japan to follow in the footsteps of another worldwide password exchange, Kraken, which is determined to terminate its business in Japan by the end of 2022. The exchange said it was facing a similar test in Japan because of the "shrinking login password market".

Both Kraken and Coinbase have slashed jobs, with Kraken laying off 30 per cent of its staff shortly after the collapse of the FTX exchange in November. Coinbase had already laid off 18% of its staff last year and announced another 20% in January this year.