Coinbase to wind down most of its operations in Japan

The American bitcoin exchange Coinbase has decided to wind down most of its operations in Japan as part of cost-cutting measures. The report is by BNN Bloomberg.

Nana Murugesan, the platform’s vice president for business development and international relations, said the decision has led to ‘the reduction of the majority of positions’ in the local unit.

He did not specify the number of layoffs, but stressed that some workers would continue to ensure the security of client assets. The top executive also declined to comment on potential mergers and acquisitions related to the Japan branch.

“We are carefully evaluating all options and will report any further updates as they become available,” said Murugesan.

In 2018 Coinbase announced the opening of an office in Japan.

In August 2021, Coinbase announced its entry into the Japanese market in partnership with the financial giant Mitsubishi UFJ Financial Group.

In June 2022 the exchange laid off 1,100 employees (18% of staff) amid adverse market conditions. In autumn, a further 60 specialists were left without work.

In January, Coinbase announced the third round of layoffs, planning to terminate the employment of 950 employees.

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