Bitflyer Takes the Reins: Acquiring FTX Japan amid Bankruptcy Fallout

Today (Thursday), it was disclosed that Bitflyer, a Japanese cryptocurrency exchange, has acquired the Japanese operations of FTX, which had previously filed for Chapter 11 bankruptcy protection in November 2022. FTX Japan was among over 100 affiliated entities included in the bankruptcy proceedings.Asset Segregation Raises Recovery HopesIn contrast to its parent company, FTX Japan reported having more assets than liabilities, with approximately $134 million in user assets segregated from FTX Trading. This distinction raised hopes for the potential recovery of funds belonging to Japanese customers.Bitcoin.com News reported over a year and five months ago that FTX Japan customers would gradually be allowed to withdraw their assets. Founded by Yuzo Kano, a former Goldman Sachs trader, Bitflyer is a well-established cryptocurrency exchange in Japan, having received a license from the Japanese Financial Services Agency in September 2017.Just-In: BitFlyer Exchange Plans To Acquire FTX Japan https://t.co/W00Wq9XkmB— Crypto Mak (@crypto__mak) June 20, 2024According to NHK, Bitflyer is set to acquire all shares of FTX Japan, valuing the subsidiary in the range of several billion yen. As of the latest update, Bitflyer has reported a 24-hour trade volume of approximately $73.11 million, prominently driven by BTC/JPY transactions. It currently ranks 22nd among global exchanges by trading volume as of Today. This article was written by Tareq Sikder at www.financemagnates.com.

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Jun 20, 2024 - 16:10
Bitflyer Takes the Reins: Acquiring FTX Japan amid Bankruptcy Fallout

Today (Thursday), it was disclosed that Bitflyer, a Japanese cryptocurrency exchange, has acquired the Japanese operations of FTX, which had previously filed for Chapter 11 bankruptcy protection in November 2022. FTX Japan was among over 100 affiliated entities included in the bankruptcy proceedings.

Asset Segregation Raises Recovery Hopes

In contrast to its parent company, FTX Japan reported having more assets than liabilities, with approximately $134 million in user assets segregated from FTX Trading. This distinction raised hopes for the potential recovery of funds belonging to Japanese customers.

Bitcoin.com News reported over a year and five months ago that FTX Japan customers would gradually be allowed to withdraw their assets. Founded by Yuzo Kano, a former Goldman Sachs trader, Bitflyer is a well-established cryptocurrency exchange in Japan, having received a license from the Japanese Financial Services Agency in September 2017.

According to NHK, Bitflyer is set to acquire all shares of FTX Japan, valuing the subsidiary in the range of several billion yen. As of the latest update, Bitflyer has reported a 24-hour trade volume of approximately $73.11 million, prominently driven by BTC/JPY transactions. It currently ranks 22nd among global exchanges by trading volume as of Today. This article was written by Tareq Sikder at www.financemagnates.com.