Japanese cryptocurrency exchange BitFlyer announced on Thursday (20th) that it had agreed to acquire FTX Japan, the Japanese subsidiary of bankrupt exchange FTX.

BitFlyer stated in a press release that it has reached an agreement with FTX Japan’s parent company and agreed to acquire 100% of FTX Japan’s shares, but FTX Japan is also subject to proceedings in the U.S. Bankruptcy Court, and the transaction is subject to U.S. court approval. When the acquisition is completed, FTX Japan's bankruptcy protection case will be dismissed.

BitFlyer plans to transfer FTX Japan’s customer accounts to BitFlyer subject to the completion of the acquisition and the consent of the relevant customers. FTX Japan will also change its name and use new crypto asset custody services as its core business. The announcement stated that the company "will provide services related to crypto asset spot ETFs on the basis of its core business," provided that the corresponding legal system will be implemented in the future. Japan was founded.

As of March 2024, BitFlyer has more than 900 billion yen (approximately $5.6 billion) in assets under custody, according to a press release. The company believes that through this acquisition, it will be able to leverage synergies within the bitFlyer Group to develop new services and promote sustainable and further growth. BitFlyer also stated that it will continue to hold FTX Japan's "Crypto Asset Trading Service Provider" and "Class 1 Financial Instruments Business Operator" licenses depending on the situation.

This article Japanese Cryptocurrency Exchange BitFlyer Agrees to Acquire FTX Japan, Pending U.S. Court Approval appeared first on Zombit.