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Coinbase To Close Most Of Japan Operations

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Coinbase, a US-based cryptocurrency exchange, is available.

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As part of an effort to adjust international investments amid a slumping sector of digital assets, the company is closing large parts of its Japan operations.

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The shift comes as the firm cuts 20% of its workforce globally, the latest layoffs at the San Francisco-headquartered firm.

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Coinbase is reducing its Japanese presence despite the loosening of crypto rules.

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This has prompted rival Binance, the largest digital asset trading platform, to apply for a license to return to Japan.

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“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," 

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Nana Murugesan, vice president for business development and international, said in an interview Wednesday.

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When asked if Coinbase would comment on possible mergers and acquisitions, he said Coinbase will not.

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