According to a Bloomberg report, Coinbase Global Inc., the world’s second-largest cryptocurrency exchange by trading volume, has cut staff and closed most of its operations in Japan.
See related articles: Coinbase to Cut 20% of Remaining Workforce
“We have decided to downsize most of our operations in Japan, which has eliminated most of the role of our Japanese subsidiary,” Murugesan said in an interview with Bloomberg. He declined to comment on whether the Japanese unit is for sale.
A Coinbase executive said a small number of staff would remain to protect customer assets at the Japanese entity, without giving specific numbers on the layoffs.
Mr Murugesan said the Japanese division was in a “transition period” until talks with Japan’s regulator, the Financial Services Agency, were completed. Coinbase will establish a Japanese subsidiary in 2021 with Mitsubishi UFJ Financial Group as a banking partner.
On Tuesday, US-based Coinbase announced it would lay off 950 employees, or about 20% of its workforce. Coinbase said he laid off 1,100 employees already in June, which was 18% of his workforce at the time.
Following the collapse of the FTX exchange in November and a year-long slump in cryptocurrency prices, a number of global exchanges including Kraken, Huobi and Blockchain.com have announced job cuts in recent months.
See related articles: Binance has said it plans to expand its workforce by up to 30% in 2023 as rivals cut headcount.