To comply with Japanese regulations, FTX’s Japanese users will be transferred to Quoine’s trading platform.
Sam Bankman-Fried, an American millionaire and CEO of cryptocurrency exchange FTX, announced the acquisition of Japanese crypto business Liquid Group and its subsidiaries by his company.
FTX will acquire Quoine Corporation, a Financial Services Agency (FSA)-approved cryptocurrency exchange, as part of the transaction. As previously reported by Cointelegraph, Quoine obtained a Type I Financial Instruments Business licence from the Japanese regulatory authorities according to the Financial Instruments and Exchange Act.
According to the statement, the cooperation will benefit retail and institutional investors in Japan and throughout the world by providing the following services:
“Quoine intends to progressively incorporate FTX’s goods and services into its own offering, while also migrating FTX’s current Japanese clients to Quoine’s platform.”
Additionally, the agreement compels FTX to adhere to Japanese law while continuing to serve current Japanese customers on its platform. As a result of this deal, FTX will begin transferring its current Japanese customers to Quoine’s trading platform on March 30.
While the agreement is slated to finalise in March 2022, the financial parameters of the transaction have not been revealed.
Just last week, FTX US reached a $8 value after a $400 million fundraising round spearheaded by SoftBank Group Corp.
According to Cointelegraph, FTX US president Brett Harrison intended to use the cash to grow the crypto exchange’s services and staff. Following multiple further investments, the FTX exchange as a whole is valued at $32 billion.
Despite expert warnings about a declining cryptocurrency industry, Bankman-Fried remains bullish: “I believe we are not about to experience a long-term crypto winter. Interest rate forecasts have shifted, affecting crypto markets. However, it has influenced markets more broadly.”
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