Crypto exchange FTX will enter the Japanese crypto market. Wednesday’s tweet from Sam Bankman-Fried, CEO of FTX:
FTX is proud to announce the acquisition by the Liquid group companies, which includes an FSA-registered cryptoasset exchange. This will allow us to offer products and services in Japan to our customers.
Wednesday’s tweet from Liquid was independent: ‘Liquid Group, all its operating subsidiaries are being purchased by FTX Trading Ltd.
Liquid manages Quoine, Japan’s cryptocurrency exchange. It is licensed by Japan’s Financial Service Agency (FSA), which is the country’s top financial regulator.
Quoine was founded in 2014. It was one of the first Japanese cryptocurrency exchanges to be registered with the FSA in 2017. In October 2017, the FSA granted Quoine a Type 1 Financial Instruments Business registration. The exchange also offers derivatives trading.
FTX recently raised 400 million and was valued at $32 billion. Bankman-Fried stated that this round would support our mission to continue delivering innovative products, services and expanding our global reach through additional licenses all over the globe.
Liquid stated that it and FTX hoped to collaborate to offer products and liquidity to clients on the Japanese and global market.
Quoine will integrate FTX products and services gradually into its own offering. FTX customers in Japan will also be migrated to Quoine’s platform following the acquisition of Liquid by FTX.
Currently, the FTX website states that it does not accept users from Japan. FTX Digital Markets Ltd. currently does not provide services to users from Japan.
Liquid stated that the acquisition will close in March subject to satisfaction of customary closing conditions.