BitfFlyer Holdings, which operates the platform of the same name, has completed a deal to purchase the Japanese division of the FTX exchange. The organization announced the restart of the company.
Let us remind you that BitFlyer’s plans to buy out FTX Japan became known at the end of June 2024. At that time, the amount of the agreement was not disclosed, however, as local media stated, it was “about tens of millions of dollars.”
On July 26, 2024, BitfFlyer announced the purchase of 100% of the company's shares. According to the release, the exchange plans to relaunch the company under a new name.
BitFlyer also stated in its statement that the new organization will have a custodial business. According to the company's CEO Yuzo Gan, this is preparation for the possible launch of spot Bitcoin ETFs in Japan in the future.
“We believe that the day will come when these exchange-traded funds will be listed in Japan. In this regard, we need a company that has sufficient security measures for storing bitcoins,” said the head of BitFlyer.
FTX Japan froze client funds following the collapse of the global exchange in November 2022. Later, in 2023, the exchange returned all assets.
