Crypto exchange Coinbase will close down most of its operations in Japan as part of a move to adjust international investment amid the bear market.

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In an interview with BNN Bloomberg, Coinbase executive Nana Murugesan said: “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.”

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When asked if the Japan entity could be sold, he declined to comment on potential merger and acquisition activity.

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While the executive didn’t share how many Japanese employees are affected by the announcement, he noted that a small number will remain to ensure the safety and security of customer assets. 

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Murugesan added that Coinbase Japan is in a transition period until talks with Japan’s Financial Services Agency are finalized. The entity’s CEO, Nao Kitazawa, is leading the talks and will announce his next step “afterward.”

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The move follows an announcement from Coinbase CEO Brian Armstrong that the exchange would cut 950 jobs in order to reduce operating costs by 25%.

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