The US-based cryptocurrency exchange Coinbase Global Inc. is reducing headcount in Japan as part of the firm’s move to cut 20% of staff amid a prolonged slump in digital-asset markets.

“Due to current market conditions, our company has made the difficult decision to reduce our workforce in Japan,” a spokesperson for the Japan unit said in a statement on Wednesday in response to Bloomberg News queries, without specifying how many local employees are impacted.

“No decisions have been made at this time beyond the reduction in workforce,” the spokesperson added. “We are carefully evaluating all options and will communicate any further updates as they become available.”

“We are working closely with Japanese regulators to determine a timeline for our full transition,” the spokesperson for the Japan unit said, without elaborating. The spokesperson added the company is committed to providing affected employees a “comprehensive transition package.”

(ByTakashi Nakamichi and Nao Sano)

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