Crypto Exchange Coinbase to Close Most of Japan Operations
- Step comes as company cuts 20% of staff in latest layoffs
- Coinbase ‘right-sizing’ investment to fit local opportunities
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US-based cryptocurrency exchange Coinbase Global Inc. 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 — the largest digital-asset exchange — to seek a license to return to the country.