Monex Group shows interest in buying FTX Japan Monex Group shows interest in buying FTX Japan
Due to Japan's liberal regulations, the crypto market in the country has a lot of potential, according to Monex's CEO.
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Updated: Jan. 16, 2023 at 8:25 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Investment advisory firm Monex Group expressed interest in buying FTX Japan, the Japanese subsidiary of bankrupt exchange FTX, Bloomberg News reported on Jan. 16.
Monex CEO Oki Matsumoto told Bloomberg that less competition within the local market would invest a “very good thing” for the firm. Matsumoto said, “Generally speaking, we naturally are interested.”
Furthermore, Matsumoto noted that the crypto market in Japan has a lot of potential because companies might use nonfungible tokens for marketing campaigns or invest in digital assets due to liberal Japanese regulations.
Thus, the Monex CEO hopes to establish the company as one of the most preferred options for local customers.
As part of Monex’s diversification efforts, it also acquired Coincheck Inc., the exchange that hackers attacked in 2018. It acquired the company to enhance its equities and foreign exchange services portfolio. Monex also bought 100% shares of ChatBook Ltd. in July 2022.
FTX Japan to allow customers to withdraw funds
Formerly known as Liquid, FTX Japan offered spot and derivative trading services. The US court earlier approved the sale of FTX’s Japanese and European subsidiaries while the firm is still in bankruptcy proceedings.
At the end of September, FTX Japan held approximately 10 billion Yen ($78 million) in net assets and 17.8 billion Yen ($13.88 million) in cash and deposits. The company is expected toallow its customers to withdraw money next month.
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Soumen Datta
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.