The Japan-based cryptocurrency exchange is rumored to be acquiring all shares of FTX Japan.
bitFlyer is expected to rebrand the FTX subsidiary to build trust with customers.
A significant development is on the horizon as bitFlyer, a leading Japanese cryptocurrency exchange, is set to purchase FTX Japan. Details about the acquisition of the local unit of the now bankrupt FTX exchange have been kept under wraps until now. However, the deal is close to being finalized.
Insiders reveal that bitFlyer’s parent company has made an offer to acquire FTX Japan. The transaction is closely linked to the ongoing proceedings in the US court overseeing FTX’s bankruptcy.
Reports indicate that bitFlyer will acquire all shares of FTX Japan and take over the management of the company. The estimated purchase price, which amounts to several billion yen, reflects the strategic importance of FTX Japan’s market position.
Following FTX’s filing for Chapter 11 bankruptcy protection in November 2022, roughly 130 related businesses were included in the case of the exchange founded by Sam Bankman-Fried (SBF). This bankruptcy marked a significant event in the history of the cryptocurrency industry.
As a result, FTX Japan faced operational limitations, including a temporary halt on asset withdrawals ordered by the Japanese government. After its closure in 2022, the exchange actively sought a buyer for its Japanese affiliate.
Furthermore, bitFlyer is expected to make substantial changes to the FTX subsidiary’s branding in order to instill confidence in customers amidst ongoing legal issues. Observers are closely monitoring how this transaction will impact the country’s cryptocurrency ecosystem as it progresses.
Innovative Move bitFlyer Allegedly Set to Procure FTX Japan a Prominent Crypto Exchange
