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According to a local report, the Japan-based crypto exchange Bitflyer has acquired the failed Japanese unit of FTX. The report indicates that arrangements are currently underway to take over the business.
Bitflyer Acquires Bankrupt FTX Japan, Local Report Claims
On June 20, 2024, NHK reported that Japan’s Bitflyer acquired the now-defunct Japanese unit of FTX. When FTX filed for Chapter 11 bankruptcy protection in November 2022, its Japanese operation was included with over 100 affiliated entities.
Unlike the parent company, FTX Japan had more assets than liabilities, with approximately $134 million in user assets held separately from FTX Trading. This provided some reassurance that Japanese customer funds could potentially be returned.
A year and five months ago, Bitcoin.com News reported that FTX Japan customers would be allowed to begin withdrawals. Bitflyer is a Japanese cryptocurrency exchange founded in April 2014 by Yuzo Kano, a former trader at Goldman Sachs.
Bitflyer was one of the first exchanges to receive a license from the Japanese Financial Services Agency (FSA) in September 2017. NHK’s report specifies that Bitflyer is expected to acquire all of FTX Japan’s shares, with the subsidiary valued at several billion yen.
At press time, bitflyer reports a 24-hour trade volume of approximately $73.11 million, with BTC/JPY making up a significant portion of this activity. Among the world’s leading exchanges by volume, bitflyer ranks 22nd as of Thursday, June 20.
What do you think about Bitflyer reportedly acquiring the Japanese subsidiary of FTX? Share your thoughts and opinions about this subject in the comments section below.