U.S.-based cryptocurrency exchange Coinbase Global is closing the bulk of its operations in Japan as part of a move to adjust international investment amid a slump in the digital-asset sector.
The shift comes as the firm cuts 20% of its workforce globally, the latest layoffs at the San Francisco-headquartered firm. Coinbase is scaling back in Japan even as the nation loosens some crypto rules, which has spurred rival Binance ¡ª the largest digital-asset exchange ¡ª to seek a license to return to the country.
¡°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,¡± Nana Murugesan, vice president for business development and international, said in an interview Wednesday. He said Coinbase won¡¯t comment on potential merger and acquisition activity when asked if the Japan unit could be sold.
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