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Coinbase stops Japan operations

Coinbase officially announced  that the firm would terminate operations in Japan and conduct a complete review of its business in the country due to market conditions.

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Coinbase officially announced  that the firm would terminate operations in Japan and conduct a complete review of its business in the country due to market conditions.

All Coinbase Japan customers will have until Feb. 16 to withdraw their fiat and crypto holdings from the platform. After Feb. 17, the remaining crypto assets held by Coinbase Japan customers will be converted to Japanese yen. Fiat currency deposits will not be available from Jan. 20.

The firm noted that clients could move their assets to any other virtual asset service provider, a self-custodial wallet, or Coinbase Wallet. Customers can also liquidate their portfolios and withdraw assets to a domestic bank account.

Coinbase stressed that the platform is committed to making the service termination as smooth as possible, assuring customers that all users can withdraw their assets at the earliest convenience.

As previously reported, Coinbase originally started planning its Japanese expansion during a bear market in 2018.

In quitting Japan, Coinbase follows in the footsteps of Kraken, another global crypto exchange that decided to cease operations in the country in late 2022. The exchange said it faced similar challenges in Japan, citing a “weak crypto market.”

Kraken and Coinbase have also significantly reduced their workforce, with Kraken laying off 30% of its staff soon after the FTX exchange collapsed in November 2022. Coinbase, which already had its staff reduced by 18% last year, announced another 20% workforce cut in January.

At the time of writing, Coinbase’s daily trading volumes amount to $1.98 billion, down about 1.3% since late November 2022, according to data from CoinGecko. Coinbase’s monthly visits tumbled more than 6% over the same period.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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