Japanese cryptocurrency exchange BitFlyer plans to acquire the Japanese division of fallen platform FTX, local media reported. 📰
BitFlyer Holdings is in the process of acquiring FTX Japan in a deal expected to be worth billions of yen, or tens of millions of dollars, Nikkei reports.
Following the acquisition, FTX Japan's core business is rumored to be planned to shift to crypto asset management or custody, targeting institutional investors.
FTX Japan is one of many companies affected by the collapse of FTX in November 2022. The exchange maintained that its clients' assets were not part of FTX's bankruptcy and eventually resumed withdrawals after paying its clients in February 2023.
FTX went bankrupt a few months after acquiring Japanese crypto exchange Liquid and launching FTX Japan in early 2022.
This is a developing story and more information will be added as it becomes available.