Coinbase Shutting Down Most of Its Japan Operations After Global Job Cuts

• Coinbase is shutting down most of its operations in Japan after announcing another round of job cuts globally.
• Coinbase teamed up with Mitsubishi UFJ Financial Group Inc. to launch a crypto exchange in Japan in 2021, but the majority of those roles have now been eliminated.
• CEO Brian Armstrong announced the company’s latest round of job cuts Tuesday, noting that the crypto exchange is „letting go of about 950 people“ to weather the industry downturn.

Cryptocurrency exchange Coinbase has announced that it is shutting down most of its operations in Japan after another round of job cuts globally. This move follows Coinbase’s recent partnership with Mitsubishi UFJ Financial Group Inc. to launch a crypto exchange in Japan in 2021. However, the majority of those roles have now been eliminated.

Nana Murugesan, vice president for business development and international, revealed the decision in an interview with Bloomberg Wednesday. He said, “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 went on to explain that Coinbase is finalizing its discussions with Japan’s top financial regulator, the Financial Services Agency (FSA), and that a small number of employees in Japan will remain to ensure the safety and security of customer assets.

CEO Brian Armstrong announced the company’s latest round of job cuts Tuesday. He noted that the crypto exchange is „letting go of about 950 people“ to weather the industry downturn. Armstrong stated, “Despite everything we’ve been through as a company and an industry, I’m still optimistic about our future and the future of crypto. We will be shutting down several projects where we have a lower probability of success.”

This is not the first time Coinbase has had to downsize its workforce. In June last year, Coinbase said it made a decision to reduce the size of its team by about 18%, or about 1,200 employees, to ensure the company stays „healthy during this economic downturn“.

The news of Coinbase’s decision to close down most of its operations in Japan after another round of job cuts has caused some concern in the cryptocurrency community. However, CEO Brian Armstrong remains positive, insisting that he is still optimistic about the future of crypto.