BitFlyer exchange, based in Tokyo, announced that it has agreed to acquire 100% of FTX Japan's capital. This acquisition will make FTX Japan a wholly owned subsidiary of bitFlyer Holdings.
bitFlyer Agrees to Acquire FTX Japan
Because FTX Japan is currently undergoing Chapter 11 bankruptcy proceedings, the transaction is subject to approval by the United States Bankruptcy Court for the District of Delaware (“U.S. Bankruptcy Court”).
FTX Japan's post-acquisition business policy will focus on developing new cryptocurrency custody services under bitFlyer Holdings.
FTX Japan was previously acquired by FTX Trading in April 2022.
Before filing for bankruptcy in November 2022, FTX Japan operated as a crypto asset exchange registered in Japan, allowing residents to trade cryptocurrencies and derivatives.
FTX Japan is regulated by the Japan Financial Services Agency (JFSA) and the Kanto Local Finance Bureau.
FTX Japan customers have been able to withdraw their reserved crypto and fiat assets since early 2023.
With this acquisition, bitFlyer Holdings aims to benefit from synergies within the group and develop new services. The company remains committed to simplifying the world and addressing social issues with blockchain technology.
*This is not investment advice.
