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Coinbase weighs Japan exit amid crypto headwinds

U.S. exchange plans new sweeping cutbacks as effects of FTX bankruptcy spread

The Nasdaq sign in New York displays the Coinbase logo the day the cryptocurrency exchange went public in April 2021.   © Reuters

TOKYO -- Coinbase Global is considering a withdrawal from Japan as part of its response to the sharp decline in cryptocurrency trading following the collapse of FTX.

The U.S.-listed cryptocurrency exchange has operated in Japan since 2021 in partnership with Mitsubishi UFJ Financial Group, which invested over 1 billion yen ($7.74 million at current rates) into Coinbase back in 2016.

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