Coinbase to cut jobs, shut down most of its cryptocurrency operations in Japan

Coinbase Global Inc., the world’s second largest cryptocurrency exchange by trade volume, is cutting jobs and closing down most of its operations in Japan, according to a Bloomberg report that cited the exchange’s vice president for international and business development, Nana Murugesan.

See related article: Coinbase to cut 20% of its remaining workforce

Fast facts

• “We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our Japan entity,” Murugesan said in an interview with Bloomberg. He declined to comment on whether the Japan unit was up for sale.
• The Coinbase executive said a small number of staff will remain to safeguard customer assets in the Japan entity, without providing specific numbers on the layoffs.
• Murugesan said the Japan unit will be in a “transition period” until it finalizes discussions with Japan’s Financial Services Agency, the country’s regulator. Coinbase established the Japan arm in 2021 with Mitsubishi UFJ Financial Group as its banking partner.
• On Tuesday, U.S.-based Coinbase said it will lay off 950 employees, or about 20% of its workforce. Coinbase had already let go 1,100 employees in June, which was 18% of its staff at the time.
• Following the failure of the FTX exchange in November and a year-long slump in crypto prices, a raft 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 as much as 30% in 2023 as rivals cut jobs

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