"Japanese cryptocurrency exchange BitFlyer will acquire FTX Japan following FTX's demise, according to local media reports. 📈

BitFlyer Holdings is in the process of purchasing FTX Japan with an expected transaction value of billions of yen, which is tens of millions of dollars.

After the acquisition, FTX Japan plans to shift its main business direction 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 repeatedly asserted that customer assets were not part of FTX's bankruptcy proceedings and eventually resumed withdrawals after returning them to customers in February 2023.

FTX collapsed just months after acquiring Japanese cryptocurrency exchange, Liquid, and launching FTX Japan in early 2022.

This is a developing story and further information will be updated as it becomes available. Please leave your opinion about this incident in the comments section!#crypto#BitFlyer #FTXJapan"