bitFlyer Completes Acquisition of FTX Japan, Plans Rebrand and Expansion

Japanese cryptocurrency exchange bitFlyer has finalized its acquisition of FTX Japan, taking full ownership of the subsidiary as of July 26.

The newly acquired unit will be rebranded as “Custody New Company” by August 26, 2024. This new entity will focus on enhancing bitFlyer’s crypto custody services using the company’s advanced wallet technology and resources.

bitFlyer aims to leverage this acquisition to drive growth and address the rising demand for secure crypto asset management, especially among institutional investors.

The company plans to integrate advanced security measures and explore offerings related to crypto asset ETFs, pending regulatory developments in Japan.

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The acquisition follows a U.S. court’s sale order on July 16, 2024, after FTX Japan entered Chapter 11 bankruptcy in November 2022. The Japanese arm had halted its exchange operations but continued to manage customer assets post-bankruptcy.

FTX Japan, launched in June 2022 through the acquisition of Liquid Group and its subsidiaries, faced challenges after its parent company’s collapse. This was compounded by allegations of financial misconduct by FTX’s founder, Sam Bankman-Fried.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.