bitFlyer Completes FTX Japan Acquisition After Court Approval 

bitFlyer has successfully acquired rival digital asset trading platform FTX Japan.

Two ghosts shaking hand in an eerie landscape.
Created by Gabor Kovacs from DailyCoin
  • bitFlyer has successfully acquired FTX Japan.
  • FTX Japan will change its name following the acquisition.
  • The newly named company plans to offer certain crypto-related services.

bitFlyer Holdings, Inc. announced Friday that it has completed the acquisition of all outstanding shares of FTX Japan in a deal that will see the Sam Bankman-Fried-linked crypto exchange rebrand into a new corporate name by August 26.

Talks about the acquisition started in June when bitFlyer signed a share purchase agreement to acquire 100% of FTX Japan’s shares. Local media outlets reported the deal would cost “billions of yen” or tens of millions of dollars.

bitFlyer Takes Over FTX Japan

In the official press release, bitFlyer said FTX Japan will become its fully-owned subsidiary following the acquisition, which was approved by the bankruptcy court earlier this month.

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FTX Japan will rebrand to “New Custody Company” and offer crypto asset management services as its core business after transferring its customer accounts to bitFlyer. bitFlyer said the account transfers will happen with the consent of affected users.

“New Custody Company will continuously maintain the crypto asset exchange service provider and Type 1 financial instruments business license for its future business and the service to be provided,” the statement read.

The new company is also keen on exploring spot crypto asset ETF-related services for banks and financial institutions once Japan enacts a legal system for such products.

“We believe that the bitFlyer Group will be able to deliver unique value by offering both crypto custody service and services related to crypto asset spot ETFs under the New Custody Company,” bitFlyer said.

bitFlyer cautioned that this plan “is not yet fixed” and may change later.

Read about Franklin Templeton’s expansion into Japan:
Franklin Templeton and SBI Team Up for Joint Crypto Business in Japan

Stay updated on why Russia could be changing its stance against crypto:
Why Russia’s Crypto Policy Could Be Taking a U-Turn

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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