Japanese crypto giant bitFlyer has completed its acquisition of FTX Japan, making it a fully owned subsidiary.
BitFlyer said it bought 100% of FTX Japan’s outstanding shares and plans to rebrand it as “Custody New Company” by Aug. 26.
BitFlyer, headquartered in Tokyo, aims to integrate FTX Japan, focusing on expanding crypto custody services. The financial details of the acquisition remain undisclosed.
The new custodian will explore services related to physical crypto exchange-traded funds, subject to Japan’s upcoming legal system.
“By acquiring all shares and management rights of FTX Japan, we aim to achieve sustainable growth, leveraging synergies within the bitFlyer Group to develop new services, benefiting not only FTX Japan and its customers but all stakeholders of the bitFlyer Group.” — BitFlyer
FTX Japan, initially under Chapter 11 bankruptcy protection since November 2022, had ceased exchange operations but continued to manage customer assets.
FTX collapsed in late 2022 amid alleged misappropriation of funds. Founder Sam Bankman-Fried was sentenced to 25 years in prison and ordered to reimburse $11 billion.
