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As the Lunar New Year approaches, renewal is in the air. It is a moment to bid farewell to the old, welcome the new, and reflect while moving forward.
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Bitflyer Takes Over FTX Japan Post-Bankruptcy
Abstract：BitFlyer Holdings announced on June 20 that it would be acquiring and rebranding FTX Japan. Post-acquisition, FTX Japan will shift its focus from running a crypto exchange to providing institutional-grade crypto custody services.
FTX Japan is reportedly set to be acquired by the Japanese cryptocurrency exchange BitFlyer, as announced by Japan's public broadcasting service.
NHK reported on Thursday that BitFlyer plans to spend several billion yen to purchase all shares of FTX Japan, thereby gaining full control of the company.
BitFlyer Holdings announced on June 20 that it would be acquiring and rebranding FTX Japan. Post-acquisition, FTX Japan will shift its focus from running a crypto exchange to providing institutional-grade crypto custody services. Initially, it will be renamed New Custody Company until a final name is decided.
BitFlyer stated that the acquired platform plans to offer services related to crypto exchange-traded funds (ETFs), which have not yet been introduced in Japan. These services will be designed to meet the needs of financial institutions such as trust banks, pending the establishment of the necessary legal framework and tax regulations for crypto asset spot ETFs in Japan.
Moreover, the New Custody Company will manage the transfer of FTX Japan customer accounts to BitFlyer, contingent on customer consent.
According to Nikkei, the acquisition cost BitFlyer several billion yen, amounting to tens of millions of dollars. FTX Japan, originally known as Liquid, was purchased and rebranded by Sam Bankman-Fried's FTX in early 2022, shortly before FTX's collapse in November 2022.
Following FTX's failure, FTX Japan maintained that its customers' assets were separate from FTX's bankruptcy proceedings. As a result, FTX Japan resumed withdrawals and reimbursed its customers in February 2023.
In 2022, FTX was actively acquiring crypto companies, including the $1.4 billion acquisition of the crypto brokerage firm Voyager Digital in October. In April 2024, a U.S. judge authorized FTX's debtors to enter a $450 million settlement with bankrupt Voyager.
This development follows Sam Bankman-Fried's recent sentencing to 25 years in prison in the United States after being convicted on seven felony charges.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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XSpot Wealth Exposure: Traders Report Withdrawal Denials & Constant Deposit Pressure
XSpot Wealth has found many negative comments from traders who have allegedly been deceived by the broker. Traders constantly accuse the broker of causing unnecessary withdrawal blocks and forcing them to continue depositing with it. Many user complaints emerged on WikiFX, a leading global forex regulation inquiry app. In this XSpot Wealth review article, we have investigated multiple complaints against the broker. Read on!
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SEVEN STAR FX Exposure: Do Traders Face Account Blocks & Withdrawal Denials?
Did SEVEN STAR FX make unreasonable verification requests and block your forex trading account later? Did the broker prevent you from accessing fund withdrawals? Were you made to wait for a long time to receive a response from the broker’s customer support official? Have you had to seek legal assistance to recover your stuck funds? Well, these are some claims made by SEVEN STAR FX’s traders. In this SEVEN STAR FX review article, we have looked closely at the company’s operation, the list of complaints, and a take on its regulatory status. Keep reading to know the same.
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ZarVista User Reputation: Looking at Real User Reviews to Check if It's Trustworthy
When traders search for "Is ZarVista Safe or Scam," they want to know if their capital will be safe. Nice features and bonuses do not matter much if you can't trust the broker. This article skips the marketing talk and looks at real evidence about ZarVista's reputation. We want to examine actual user reviews, look into the many ZarVista Complaints, and check the broker's legal status to get a clear picture. The evidence we found shows serious warning signs and a pattern of major user problems, especially about the safety and access to funds. This report gives you the information you need to make a smart decision about this risky broker.
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