BitFlyer a Japanese cryptocurrency exchange agrees to acquire FTX Japan pending approval from US courts

BitFlyer a Japanese cryptocurrency exchange agrees to acquire FTX Japan pending approval from US courts

BitFlyer a Japanese cryptocurrency exchange agrees to acquire FTX Japan pending approval from US courts

Japanese cryptocurrency exchange BitFlyer announced on Thursday (20th) that it has agreed to acquire FTX Japan, the Japanese subsidiary of bankrupt exchange FTX. According to the press release, BitFlyer has reached an agreement with FTX Japan’s parent company to acquire 100% of FTX Japan’s shares. However, FTX Japan is still subject to the procedures of the US Bankruptcy Court, and the transaction needs to be approved by the US court. Once the acquisition is completed, FTX Japan’s bankruptcy protection case will be dismissed.

BitFlyer plans to transfer FTX Japan’s customer accounts to BitFlyer, subject to completion of the acquisition and obtaining customer consent. FTX Japan will also be renamed and will focus on providing new cryptocurrency asset custody services as its core business. The announcement stated that the company “will provide services related to cryptocurrency spot ETFs based on its core business,” provided that the corresponding legal system is established in Japan in the future.

According to the press release, as of March 2024, BitFlyer has custody of over 900 billion Japanese yen (approximately $5.6 billion) in assets. The company believes that through this acquisition, it will be able to leverage the synergy within the bitFlyer group to develop new services and promote sustainable and further development. BitFlyer also stated that it will continue to hold the “cryptocurrency asset exchange service provider” and “Type I Financial Instruments Business Operator” licenses of FTX Japan, depending on the circumstances.