Coinbase Global Inc., the world's second-largest cryptocurrency exchange by trading volume, is cutting jobs and shuttering most of its operations in Japan, according to a Bloomberg report citing the exchange's vice president of international and business development. , Nana Murugesan.
See related article: Coinbase will cut 20% of its remaining workforce
Fast facts
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"We have decided to liquidate most of our operations in Japan, which led to the elimination of most roles in our Japan entity." murugesan said in an interview with Bloomberg. He declined to comment on whether the Japan unit was for sale.
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The Coinbase executive said a small number of staff will remain to safeguard client assets at the Japanese entity, without providing specific figures on the layoffs.
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Murugesan said the Japan unit will be in a "transition period" until talks with the Japan Financial Services Agency, the country's regulator, are finalized. Coinbase established the Japan arm in 2021 with Mitsubishi UFJ Financial Group as its banking partner.
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On Tuesday, US-based Coinbase said it will lay off 950 employees, or about 20% of its workforce. Coinbase had already laid off 1,100 employees in June, which was 18% of its staff at the time.
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After the failure of the FTX exchange in November and a year-long drop in cryptocurrency prices, a number of global exchanges such as kraken, Huobi and Blockchain.com have announced layoffs in recent months.
See related article: Binance says it plans to expand hiring by up to 30% in 2023 as rivals cut jobs
