Cryptocurrency exchange Coinbase is exiting Japan due to market conditions. The move comes days after the company announced its third round of layoffs in less than a year amid the ongoing bear market. 

In a Wednesday blog post, the exchange said it has made the "difficult decision" to halt operations in Japan and conduct a complete review of its business in the country due to market conditions. 

Just weeks ago, rival exchange Kraken made a similar announcement, saying that it will close down its operations in Japan citing a combination of “current market conditions in Japan” and a “weak crypto market globally” as the reasons behind its decision.

Coinbase said it is working to make the "transition as smooth as possible." The exchange detailed that fiat deposit functionality will be removed on January 20th and customers will have until February 16th to withdraw all their fiat and crypto holdings.