Coinbase Stops Most Operations in Japan

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Coinbase is gradually winding down its business in Japan, leaving only a few employees to look after the assets of local users.

Cryptocurrency exchange Coinbase will interrupt the bigpart of its operations in Japan as part of its plan to stabilize operations during the crypto market crisis. The forced move follows recent layoffs at the company. The crypto exchange announced that it would cut about 20% of its staff - approximately 950 people.

According to Coinbase CEONana Murugesan, winding down operations in Japan will also lead to staff reductions in the Japanese division. However, a small number of employees will remain on the job to ensure the safety of clients' assets, Murugesan promises.

When the top manager was asked if he was going toThe parent American crypto exchange will soon absorb the Japanese division, the executive director responded that the company will refrain from commenting as the crypto exchange is considering different options. Murugesan did not specify how many Japanese employees of the exchange would be affected by the reduction.

The company is currently negotiating with the Agencyfinancial services of Japan (FSA), in which the chief executive officer of the Japanese division, Nao Kitazawa, participates - the exchange will determine his further actions later.

Earlier, a Manhattan federal court found the brother of former Coinbase product manager Nikhil Wahi guilty of insider trading in crypto assets.