BitFlyer Holdings, a Japanese cryptocurrency exchange, has announced its acquisition of FTX Japan, the Japanese arm of the collapsed crypto trading platform FTX After the acquisition, FTX Japan will transition from operating a crypto exchange to providing institutional-grade crypto custody services. company will be rebranded as New Custody Company, although the official name is yet to be determinedBitFlyer expressed its intention to offer services related to cryptocurrency exchange-traded funds (ETFs), which are currently not available in due to regulatory limitations. If approved in the future, New Custody Company aims to services related to ETFs that cater specifically to financial institutions and trust banks.
As part of the acquisition process, customer accounts from FTX Japan will be transferred to bitFlyer with customer consent. The exact cost of this acquisition has been reported by local news agency Nikkei as costing BitFlyer billions of yen or tens of millions of dollars.
FTX Japan was formerly known as Liquid before being acquired by Sam Bankman-Fried’s FTX exchange in early 2022 and subsequently rebranded. However, following the collapse of the FTX empire later that year, FTX Japan asserted that its customers’ assets were not involved in bankruptcy proceedings and eventually resumed withdrawals and repaid customers in February 2023.
It is worth noting that prior to this announcement, Bankman-Fried was sentenced to 25 years in prison after being convicted on seven felony charges in the United States.
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