Coinbase will stop operating in Japan as the market environment is volatile.

CTOnews.com, January 18, according to Reuters, the cryptocurrency exchange Coinbase Global said on Wednesday local time that it would stop operations in Japan due to volatile market conditions.

Coinbase said in a blog post that all Coinbase Japan customers must withdraw their legal tender and cryptocurrency holdings by February 16.

CTOnews.com learned that Coinbase announced last week that it would launch a second round of layoffs, with plans to cut 950 jobs, or about 20% of the company's employees, in an effort to retain more cash during the cryptocurrency market downturn. Coinbase made its first round of layoffs in June last year, cutting 18 per cent of its workforce.

Bitcoin prices are down 58% over the past year, while Coinbase shares are down more than 83%, according to the data. In November, Coinbase's market capitalization fell below $10 billion (currently about 67.7 billion yuan) for the first time since it went public.