American crypto exchange Coinbase Inc. will shut down most its operations in Japan. The move is reportedly a part of the firm’s restructuring efforts as it looks to adjust its overseas investment to navigate the ongoing crypto winter. 

According to a 11 January report by Bloomberg, only a few Coinbase Japan employees will be retained. Their role will primarily comprise ensuring the safety and security of customer assets. Nana Murugesan, the Vice President for business development and international, confirmed:

“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.”