Tue. Aug 9th, 2022
Source: Adobe/chanchai

Major crypto exchange FTX is readying to set up shop in the land of the rising sun via the acquisition of the Liquid group, the owner of a licensed Japanese crypto exchange, Quoine. Meanwhile, the body that governs Japan’s almost USD 1trn crypto market is reportedly considering making it easier to list digital tokens.

“FTX is pleased to announce the acquisition of the Liquid group of companies, including an [Financial Services Agency] FSA-registered cryptoasset exchange to provide products and services to our customers in Japan,” tweeted today FTX’s CEO Sam Bankman Fried.

Liquid said that the acquisition is expected to close in March this year. The terms of the deal have not been disclosed.

As part of the transaction, the owner and operator of FTX, FTX Trading Ltd, gets the Liquid Group and all of its operating subsidiaries, including Quoine Corporation and Quoine Pte. in Singapore. Liquid will provide its existing Japanese users with services in compliance with Japanese laws and will also transfer those users to Quoine, with effect from March 30.

Additionally, following the acquisition, Quoine will “gradually” integrate FTX’s products and services into its offering, and FTX’s existing Japanese customers will be transferred to Quoine.

Quoine was founded in 2014 and is one of the first crypto exchanges registered by the FSA in Japan in 2017.

Meanwhile, the Japan Virtual and Cryptoassets Exchange Association, which overseas cryptoasset listings in the country, is considering making it easier to list digital tokens, Bloomberg reported, citing undisclosed people with knowledge of the matter. If these changes are confirmed, crypto exchanges would be allowed to list more than a dozen coins in one go without a lengthy screening process, per the report.

Also, as reported this week, FTX Trading Ltd. said that they closed a USD 400m Series C fundraise – increasing the valuation of the company to USD 32bn.

At 8:23 UTC, FTX’s native coin FTT is trading at USD 44.75, having appreciated nearly 2% in a day and more than 22% in a week.

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