Crypto exchange BitFlyer has bought out bankrupt platform FTX Japan

FTX Japan froze customer funds after the collapse of the global exchange in November 2022. The exchange returned all assets in 2023.

BitfFlyer acquired 100% of FTX Japan and now plans to relaunch the exchange under a different name and expand its services.

According to BitfFlyer CEO Yuzo Gan, the revamped platform will feature cryptocurrency storage solutions for institutional investors. This will prepare for the launch of spot bitcoin funds, the adoption of which is now being discussed by the regulator of Japan.

We believe that the day will come when these exchange-traded funds will be registered in Japan as well. As such, we need a firm that has sufficient capacity to safely store bitcoins,” Yuzo Gana said.
According to BitFlyer's CEO, the launch of Japan's first bitcoin-based spot ETFs is only a matter of time.
According to analysts' reports, cryptocurrency-based exchange traded funds have a significant impact on the asset. For example, just a month after the launch of spot bitcoin ETFs in the U.S., they accounted for about 75% of new investments in the leading digital coin.

Translated with DeepL.com (free version)