Will Coinbase Close Operations in Japan Following a 20% Layoff? Here's What We Know.

Recent news indicates Coinbase is scaling back in Japan as the San Francisco-headquartered firm plans to lay off 20% of its workforce globally, or roughly 950 workers. This has led to concerns about the future of Coinbase's presence in the Japanese market.

The exchange said the 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 cryptocurrency market. This decision aligns with the broader trend of crypto exchanges facing challenges in the current economic climate.

Coinbase says that its customers in Japan have a 1-month deadline to withdraw all holdings, as operations would cease after that. According to recent reports, Coinbase Japan customers can withdraw their crypto and fiat holdings until February 16. Remaining crypto holdings will be converted to Japanese yen (JPY).

Investing.com - Coinbase (NASDAQ:COIN) is admitting defeat in Japan. The digital currency exchange company said on Wednesday it's pulling out of Japan. This means Crypto exchange Coinbase will be closing down most of its operations in Japan as part of its efforts to survive in the bear market. The move is part of the company’s cost-cutting measures.

According to a Bloomberg report, Coinbase is reducing its employee count in Japan as part of its 20% personnel reduction initiative. A spokesperson for the Japanese division confirmed the reductions.

In summary, while the 20% layoff is a global initiative, it significantly impacts Coinbase's Japanese operations, leading to a substantial scaling back, and essentially a closure of most services in the country. Japanese customers are advised to withdraw their holdings before the stated deadline.