Japanese cryptocurrency exchange BitFlyer announced on Thursday (20th) that it has agreed to acquire FTX Japan, a subsidiary of bankrupt exchange FTX. According to the press release, BitFlyer has reached an agreement with the parent company of FTX Japan to acquire 100% of its shares. However, FTX Japan is still subject to the procedures of the US bankruptcy court, and the transaction still needs to be approved by the US court. Once the acquisition is completed, the bankruptcy protection case of FTX Japan will be revoked.
BitFlyer plans to transfer FTX Japan’s customer accounts to BitFlyer after the acquisition is completed and with the consent of the relevant customers. FTX Japan will also be renamed and will focus on its new core business of cryptocurrency asset custody services. 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 will custody over 900 billion yen (approximately $5.6 billion) in assets. The company believes that through this acquisition, it will be able to utilize 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 trading service provider” and “Type I Financial Instruments Business Operator” licenses of FTX Japan, depending on the circumstances.