Coinbase Stops Most Operations in Japan

Coinbase is phasing out its business in Japan, leaving only a handful of employees to look after the assets of local users. Cryptocurrency exchange Coinbase will suspend most 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 CEO Nana Murugesan, the curtailment of operations in Japan will also lead to a reduction in staff in the Japanese division.. However, a small number of employees will remain on the job to ensure the safety of client assets, Murugesan promises. When the top manager was asked if the parent US crypto exchange was going to take over the Japanese division in the near future, the executive director replied that the company would refrain from commenting as the crypto exchange was considering different options.. Murugesan did not specify how many of the exchange's Japanese employees would be affected by the cuts. The company is currently negotiating with the Japan Financial Services Agency (FSA), which involves the chief executive officer of the Japanese division, Nao Kitazawa (Nao Kitazawa) – his further actions will be determined by the exchange later. Earlier, the Manhattan Federal Court found the brother of former Coinbase product manager Nikhil Wahi guilty of insider trading in crypto assets.