The Japanese cryptocurrency exchange bitFlyer has announced an agreement to acquire the local division of the collapsed platform FTX.
【FTX Japan 買収合意について】
bitFlyer Holdings は FTX Japan の株式100％を取得する株式譲渡契約を締結しました。
米国破産裁判所の手続きを経て、bitFlyer Holdings の完全子会社となります。
グループ間のシナジーを活かした新たなサービスを展開してまいります。https://t.co/qnaGy7u2Q3 pic.twitter.com/NI9w7YwFss— bitFlyer（ビットフライヤー） (@bitFlyer) June 20, 2024
“[FTX Japan] will become a subsidiary of bitFlyer Holdings after the completion of bankruptcy proceedings in the US,” the statement said.
According to the company, it plans to develop new services that “will leverage the synergies between Group divisions.”
As reported by Nikkei, the deal is valued in the billions of yen. Once completed, the former FTX Japan will shift its focus to engaging with institutional players in the crypto market.
bitFlyer has completed the acquisition of FTX Japan, which has now become a wholly-owned subsidiary of the exchange.
bitFlyer Holdingsは本日、FTX Japanの発行済株式100％の取得を完了しましたのでお知らせいたします。
これによりFTX Japanは当社の完全子会社となりました。今後は8/26までに社名を変更し、新たにクリプトカストディ事業を展開する予定です。詳しくはこちら。https://t.co/Ks1aexAFLm pic.twitter.com/bLbqGa4Im8
— bitFlyer（ビットフライヤー） (@bitFlyer) July 26, 2024
The rebranding process will be completed by August 26.
In February 2022, FTX acquired the Japanese cryptocurrency exchange and related entities. That summer, Sam Bankman-Fried’s company announced the launch of a local branch, renaming Liquid to FTX Japan K.K.
In November, the division suspended withdrawals following FTX Group’s bankruptcy filing under Chapter 11 of the US Bankruptcy Code. Five days later, the platform ceased trading operations.
In February 2023, FTX Japan announced the date for resuming withdrawals.
Back in May 2023, the New York State Department of Financial Services fined bitFlyer USA $1.2 million for failing to meet the state’s cybersecurity requirements.