FTX Japan, a subsidiary of the collapsed FTX exchange, is set to relaunch under new ownership after repaying its customers in 2023.
Japanese cryptocurrency exchange BitFlyer is acquiring FTX Japan, according to local media reports. BitFlyer Holdings is finalizing a deal valued in the billions of yen, equivalent to tens of millions of dollars.
After the acquisition, FTX Japan’s core business will reportedly focus on crypto asset management or custody, primarily targeting institutional investors.
FTX Japan was among the companies impacted by FTX’s collapse in November 2022. Despite the turmoil, FTX Japan argued that its customers’ assets were separate from FTX’s bankruptcy proceedings and successfully resumed withdrawals after repaying customers in February 2023.
