According to Decrypt, Japanese cryptocurrency exchange DMM Bitcoin plans to cease operations by March 2025, and customer accounts and custodial assets will be transferred to SBI VC Trade, the crypto division of financial giant SBI Holdings.
The closure comes months after DMM Bitcoin disclosed that it had lost $305 million and 4,502.9 Bitcoins in a cyberattack. The incident led to the suspension of spot trading and withdrawal services, severely affecting platform operations.
DMM Bitcoin said it will release details of the transfer process as soon as it is confirmed, including a specific migration timeline and customer steps. Margin trading customers are required to close their positions before the transfer.
As part of the transition, SBI VC Trade will begin supporting spot trading on the 14 cryptocurrencies currently offered by DMM Bitcoin. The migration marks significant consolidation in Japan’s crypto market, with SBI VC Trade expected to expand its market share by inheriting DMM Bitcoin’s customers and infrastructure.
