{"id":81994,"date":"2024-06-20T13:16:01","date_gmt":"2024-06-20T17:16:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=81994"},"modified":"2024-06-20T13:16:53","modified_gmt":"2024-06-20T17:16:53","slug":"bitflyer-exchange-seeks-to-acquire-ftx-japan","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitflyer-exchange-seeks-to-acquire-ftx-japan\/","title":{"rendered":"BitFlyer Exchange Seeks To Acquire FTX Japan"},"content":{"rendered":"\n

Crypto exchange bitFlyer is preparing to acquire FTX Japan<\/a>, a local subsidiary of the bankrupt Sam Bankman-Fried exchange.<\/p>\n\n\n\n

\"BitFlyer<\/figure>\n\n\n\n

BitFlyer, a leading Japanese cryptocurrency exchange, plans to purchase FTX Japan in a ground-breaking move.<\/p>\n\n\n\n

The acquisition strategy for the local subsidiary of the globally recognized but now bankrupt FTX exchange was kept confidential until recently.<\/p>\n\n\n\n

However, this acquisition is presently in the final stages of completion.<\/p>\n\n\n\n

BitFlyer Acquires FTX Japan<\/h2>\n\n\n\n

As per sources with knowledge of the situation, bitFlyer's\u00a0parent company\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>\u00a0has expressed interest in acquiring FTX Japan.<\/p>\n\n\n\n

The acquisition process is closely linked to the ongoing procedures in the US court that is overseeing the FTX bankruptcy.<\/p>\n\n\n\n

BitFlyer is likely to acquire all of the shares of FTX Japan.<\/p>\n\n\n\n

Additionally, local media outlet NHK has reported that the Japanese crypto exchange will undertake responsibility for its business operations.<\/p>\n\n\n\n

It is anticipated that the acquisition price will be in the range of several billion yen, which is indicative of the strategic significance of FTX Japan's market position.<\/p>\n\n\n\n

In November 2022, FTX, which was previously a prominent participant in the global crypto market, submitted a Chapter 11 bankruptcy petition in the United States.<\/p>\n\n\n\n

Meanwhile, approximately 130 associated entities were included in the bankruptcy filing of the exchange founded by Sam Bankman-Fried<\/a>.<\/p>\n\n\n\n

Consequently, it became the most significant bankruptcy event in the crypto sector's history.<\/p>\n\n\n\n

In the aftermath, FTX Japan encountered operational constraints.<\/p>\n\n\n\n

These included a temporary halt on asset withdrawals, which was owing to an order from Japanese financial authorities.<\/p>\n\n\n\n

Stakeholders are intently monitoring the potential impact of this acquisition on the country's broader crypto landscape as the procedures conclude.<\/p>\n\n\n\n

Following the 2022 bankruptcy, FTX pursued a buyer for its Japanese subsidiary.<\/p>\n\n\n\n

For this reason, the acquisition by bitFlyer is considered a crucial stage in the consolidation of the market.<\/p>\n\n\n\n

Furthermore, bitFlyer is likely to extensively rebrand the FTX business<\/a> to regain consumer trust that has been lost as a result of the ongoing legal troubles.<\/p>\n\n\n\n

Japan Crypto Industry Boom<\/h2>\n\n\n\n

The latest acquisition comes at a time when Japan's cryptocurrency market is rapidly expanding.<\/p>\n\n\n\n

The Japan Cryptocurrency Exchange Association reported that the number of crypto accounts in Japan had surpassed 10 million by the end of April 2023.<\/p>\n\n\n\n

This is an extraordinary increase, with a more than threefold increase in the last five years.<\/p>\n\n\n\n

However, the safety and protection of users remain a concern, despite this growth.<\/p>\n\n\n\n

Meanwhile, the Japanese Yen (JPY) is experiencing a surge in value, increasing the adoption of JPY crypto trading pairs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto exchange bitFlyer is preparing to acquire FTX Japan, a local subsidiary of the bankrupt Sam Bankman-Fried exchange. BitFlyer, a leading Japanese cryptocurrency exchange, plans to purchase FTX Japan in a ground-breaking move. The acquisition strategy for the local subsidiary of the globally recognized but now bankrupt FTX exchange was kept confidential until recently. However, […]<\/p>\n","protected":false},"author":56,"featured_media":82008,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17631,20127,18855,11872],"class_list":["post-81994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx-bankruptcy","tag-bitflyer","tag-crypto-exchange-ftx","tag-sam-bankman-fried-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/BitFlyer-Exchange-Seeks-To-Acquire-FTX-Japan.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=81994"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82008"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=81994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=81994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=81994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}