Nasdaq-listed cryptocurrency exchange Coinbase is shutting down most of its operations in Japan after announcing another round of global job cuts. “Despite everything we’ve been through as a company and industry, I remain optimistic about our future and the future of cryptocurrency,” insisted Coinbase CEO Brian Armstrong.
Coinbase Liquidates Most Japanese Trades
Cryptocurrency exchange Coinbase is winding down most of its operations in Japan, Nana Murugesan, vice president of international and business development, revealed in an interview with Bloomberg on Wednesday. He said:
We have decided to liquidate most of our operations in Japan, which led to the elimination of most roles in our Japan entity.
Coinbase has partnered with Mitsubishi UFJ Financial Group Inc. to launch a crypto exchange in Japan in 2021.
Murugesan explained that Coinbase is finalizing its talks with Japan’s main financial regulator, the Financial Services Agency (FSA). He noted that a small number of employees will remain in Japan to ensure the safety of clients’ assets.
Coinbase downsizing globally
Coinbase has been cutting its workforce globally. CEO Brian Armstrong Announced the company’s latest round of job cuts on Tuesday. Noting that the crypto exchange is “letting go of about 950 people,” the executive explained that the move is necessary to weather the downturn in the industry. He added:
We will close several projects where we have a lower chance of success.
In June of last year, Coinbase said it made the decision to reduce the size of its team by about 18%, or about 1,200 employees, to guarantee the company remains “healthy during this economic downturn.” The crypto exchange removed 60 more positions in November.
Nonetheless, Armstrong said Tuesday:
Despite everything we’ve been through as a company and industry, I remain optimistic about our future and the future of cryptocurrency. Progress doesn’t always happen in a straight line, and sometimes it can feel like we’re taking two steps forward and one step back.
Like Coinbase, Kraken said in December last year that it would shut down services in Japan. Binance, on the other hand, is expanding its operations in the country by acquiring a regulated Japanese crypto exchange.
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