U.S.-based crypto exchange Coinbase will scale back most of its operations in Japan, according to a recent statement by the company’s vice president for business development and international, Nana Murugesan. Murugesan said in an interview Wednesday: “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.” He declined to comment on merger and acquisition activity regarding the Japanese entity. While Murugesan did not give details about how many Japanese employees are affected by the announcement, he did say that a small crew will remain committed to the security of customers’ assets. The Nasdaq-listed Coinbase exchange was licensed to service Japanese customers on June 18 last year, after registering with the country’s Financial Services Agency (FSA), the country’s leading financial regulator. Murugesan stressed that Coinbase Japan is in a transition period until talks with Japan’s FSA are concluded. The entity’s Chief Executive Officer Nao Kitazawa is driving the talks and will announce his next step “afterward.”
Full story : Coinbase to Shutter Bulk of Operations in Japan.