Japan’s DMM Bitcoin Exchange Will Close

DMM Bitcoin, a Japanese cryptocurrency exchange owned by DMM.com Group, is shutting down and preparing for liquidation. The exchange intends to transfer its customers’ deposits to SBI VC Trade, a domestic crypto exchange owned by SBI Holdings, by March 2025.

In an announcement made on Monday, DMM Bitcoin and SBI VC have agreed to transfer all customer accounts and deposit assets. According to the statement, customer assets, including Japanese yen and cryptocurrency, will be transferred from DMM Bitcoin to SBI VC by March 2025.

Furthermore, SBI VC will oversee the transfer of all cryptocurrency assets held by DMM Bitcoin. DMM.com is a major internet brand in Japan, offering various financial services such as forex and CFDs trading, and is also one of the country’s top trading platforms by volume.

DMM Bitcoin faced significant challenges after a security breach last May resulted in the loss of $320 million worth of Bitcoin.

The attack was carried out by hackers who were able to access the exchange’s servers and steal over 4,500 Bitcoins from a single wallet. Some experts suspect the involvement of the North Korea-linked Lazarus Group in the attack.