- BitFlyer has announced its agreement to acquire a local exchange.
- The exchange is tied to SBF’s collapsed FTX.
- BitFlyer proposed a strategic business policy post-acquisition.
BitFlyer Holdings has successfully negotiated to acquire rival digital asset trading platform FTX Japan, the local subsidiary of Sam Bankman-Fried’s bankrupt crypto exchange.
Established in January 2014, BitFlyer is among the pioneering exchanges in Japan and the broader crypto industry. The company announced on June 17 that Forbes had ranked it as the most trusted digital asset exchange platform in the country.
BitFlyer Signs Agreement to Acquire FTX Japan
On June 20, BitFlyer announced on X (formerly Twitter) that it had signed a share purchase agreement to acquire 100% of FTX Japan’s shares.
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“After going through the procedures of the U.S. Bankruptcy Court, it will become a wholly owned subsidiary of bitFlyer Holdings.” The crypto exchange wrote. “We will develop new services that leverage synergy between groups.”
While BitFlyer mentioned in an attached statement that “there is nothing confirmed at this time,” it presented its business policy after the stock acquisition, which will include requiring FTX Japan to change its name “as soon as possible.”
“The new company name has not been decided at this time, but in this announcement, the tentative name is Custody New Association,” the translated English version of the statement read.
Custody New Association will register as a company and transfer the account to BitFlyer Co., Ltd. after obtaining the consent of the customer. This will pave the way for the exchange to develop a new crypto custody business keen on offering spot asset ETFs “if the legal system in Japan is developed in the future.”
According to local media reports, the acquisition deal is expected to be worth billions of yen, or tens of millions of dollars.
Read how FTX cashed out of Anthropic:
FTX Cashes Out of Anthropic, Rakes in $800M Profit
Stay updated on how the Japanese exchange DMM Bitcoin was hacked:
DMM Bitcoin Pauses Crypto Withdrawals After $300M Exploit
