Japan’s Bitflyer has finalized the acquisition of the bankrupt Japanese unit of FTX, according to a report by NHK. The acquisition follows FTX’s filing for Chapter 11 bankruptcy protection in November 2022, which encompassed its Japanese operations along with more than 100 affiliated entities.
Unlike its parent company, FTX Japan emerged from bankruptcy with assets surpassing liabilities, securing approximately $134 million in user assets segregated from FTX Trading. This development offered a ray of hope for the potential recovery of Japanese customer funds.
Bitcoin.com News had previously reported over a year and five months ago that FTX Japan customers were poised to resume withdrawals. Bitflyer, established in April 2014 by Yuzo Kano, a former Goldman Sachs trader, is a prominent Japanese cryptocurrency exchange.
Bitflyer notably obtained one of the earliest licenses from Japan’s Financial Services Agency (FSA) in September 2017, underscoring its compliance with local regulatory standards. NHK’s report specifies that Bitflyer intends to acquire all shares of FTX Japan, valuing the subsidiary in the range of several billion yen.
As of the latest update, Bitflyer reported a 24-hour trading volume of approximately $73.11 million, with significant activity in the BTC/JPY pair. Among global exchanges by trading volume, Bitflyer currently ranks 22nd.
