FTX enters Japanese crypto market with acquisition of regulated crypto exchange
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Cryptocurrency exchange FTX has announced the acquisition of Liquid, which operates a regulated Japanese exchange, Quoine. The two companies expect to “work together to provide products and liquidity to clients in the Japanese and global markets.”
FTX demands
Obtaining liquidity to provide services to Japanese clients Cryptocurrency exchange FTX enters the Japanese crypto market. FTX CEO Sam Bankman-Fried tweeted on Wednesday: “FTX is pleased to announce the acquisition of the Liquid family of companies, including an FCA-registered crypto asset exchange to provide products and services to our clients in Japan.” “Liquid Group and all of its operating subsidiaries are being acquired by FTX Trading Ltd,” Liquid tweeted independently on Wednesday. It operates Liquid Quoine, a cryptocurrency exchange in Japan licensed by the Financial Services Agency (FSA), the country's largest financial regulatory body.
Quoine, founded in 2014, was one of the first cryptocurrency exchanges in Japan to be registered by the Financial Accounting Authority in 2017. The Japanese exchange was granted a Type 1 financial instrument trading registration by the Financial Supervisory Authority in October last year. The exchange also offers trading of financial derivatives.
FTX recently raised $400 million and achieved a valuation of $32 billion. “This round will support our ongoing mission of bringing innovative products and services to the market, as well as expanding our global reach through additional licenses around the world,” Bankman Farid told Bitcoin.com News. Liquid detailed that he and FTX “expect to work together to provide products and liquidity to clients in the Japanese and global markets,” explaining: “Following FTX’s acquisition of Liquid, Quoine will gradually integrate FTX’s products and services into its own offerings, and FTX clients will be migrated.” The current Japanese to the platform
“Quine.” The FTX website currently states that the exchange does not on board any users from Japan and “registrations are prohibited from Japan.” In addition, “FTX Digital Markets Ltd. “We do not currently facilitate users who are from Japan.”
The acquisition is expected to close in March, subject to the satisfaction of customary closing conditions, according to Liquid. Source
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