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 bankruptcyproceedings.
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.
Just-In: BitFlyer Exchange Plans To Acquire FTX Japan https://t.co/W00Wq9XkmB
— Crypto Mak (@crypto__mak) June 20, 2024
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.
Implementing TRUST Network
In preparation for Japan's stricter cryptocurrency regulations starting in June 2023, Bitflyer implemented enhanced anti-money laundering rules aligning with the FATF's Travel Rule, as reported by Finance Magnates.
These rules mandate sharing customer details for transactions exceeding $3,000, including sender and recipient names, addresses, and account information. Bitflyer now restricts deposits and transfers unless counterparties are part of the Travel Rule Universal Solution Technology (TRUST) network.
This network, backed by major exchanges like Coinbase and BitGo, facilitates secure information transmission among virtual asset service providers to comply with regulatory requirements effectively.
This article was written by Tareq Sikder at www.financemagnates.com.
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