- SBI Holdings, the largest online brokerage in Japan, is shutting down its crypto mining business in the Russian Federation.
- SBI entered the digital asset space earlier than other Japanese financial firms, but this year’s negative developments have led to a pre-tax loss of 9.7 billion yen ($72 million) from its crypto business in the second quarter, when the group also registered a 2.4 billion yen net loss (over $15.8 million), a first in a decade.
- The Japanese brokerage suspended its mining activities in Siberia shortly after the war in Ukraine broke out, but it is yet to decide by when it will complete the withdrawal from Siberia, Katsuchi noted.
Leading Japanese Online Broker SBI to Pull Out of Russia’s Crypto Mining Sector
