BitFlyer Announces it Plans to Acquire FTX Japan

The Japanese arm of the collapsed crypto trading platform FTX will be acquired by BitFlyer, a Japanese cryptocurrency exchange. The acquisition was officially announced on June 20 by BitFlyer Holdings.

After the acquisition, FTX Japan will no longer operate as a crypto exchange, but will instead focus on providing institutional-grade crypto custody services under the new name, New Custody Company.

This decision was made keeping in mind the upcoming launch of crypto exchange-traded funds (ETFs) in Japan, which FTX Japan aims to provide services for.

According to BitFlyer, New Custody Company will also be offering services for financial institutions, including trust banks, once legal regulations and tax laws are established for crypto asset spot ETFs in Japan. As part of the acquisition, FTX Japan’s customer accounts will be transferred to BitFlyer, with the customers’ consent.