US crypto exchange Coinbase has made a decision to scale back most of its operations in Japan as part of the company's ongoing cost optimization, BNN Bloomberg has reported.
According to Nana Murugesan, the platform's vice president of business development and international relations, the decision has resulted in the cutting of "most of the positions" in the local division.
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Although he has not specified the number of layoffs, he has noted that some employees will continue to ensure the security of customer assets. He has also declined to comment on possible mergers and acquisitions related to the Japanese subsidiary.
He has said:
"No decisions have been made at this time beyond the reduction in workforce and we are carefully evaluating all options."
Recall that Coinbase opened an office in Japan in 2018.