Hey Peeps!
Coming in hot with a quick news story.
Coinbase announced, via an interview, that they will be closing down their operations in Japan.
There has not been too much information disclosed regarding the future, but Coinbase went on to say that a small number of employees will remain on staff in Japan to "ensure the safety and security of customer assets".
Coinbase originally partnered with Mitsubishi UFJ Financial Group to create and launch the Coinbase Japan crypto exchange back in 2021.
“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”
- Nana Murugesan, VP of Business Development and International for Coinbase
Coinbase did go on to state that during this transitional period they are in discussions with Japan's Financial Services Agency.
It seems that until these discussions with Japan's FSA are wrapped up, Coinbase is unable to comment on the next steps that follow.
This news also comes a couple days after Coinbase had to cut around 20% of its workforce.
As the crypto markets seem to be rebounding, Coinbase is experiencing a lot of issues.
Only time will tell what this means for Coinbase.
Is this a troubling sign for Coinbase's future?
How do you react to this news?
If you have made it this far and enjoyed the post, please consider hitting the Thumbs Up 👍 and Follow buttons!
If you want to be even more awesome, please Tip before you go!
And while you're at it, Enter my Monthly Giveaway on Publish0x to win yourself some free Crypto!
It takes 5 seconds to enter!
See ya!
:)
