• Investment advisory firm Monex Group expressed interest in buying FTX Japan, the Japanese subsidiary of bankrupt exchange FTX.
• Monex CEO Oki Matsumoto noted that the crypto market in Japan has a lot of potential due to liberal Japanese regulations.
• The US court approved the sale of FTX’s Japanese and European subsidiaries while the firm is still in bankruptcy proceedings.
The investment advisory firm Monex Group has expressed interest in acquiring FTX Japan, the Japanese subsidiary of the bankrupt exchange FTX. The news was reported on Jan. 16 by Bloomberg News.
Monex CEO Oki Matsumoto told Bloomberg that less competition within the local market would be a “very good thing” for the firm. Matsumoto said, “Generally speaking, we naturally are interested.” He also noted that the crypto market in Japan has a lot of potential due to its liberal regulations. Companies may use non-fungible tokens for marketing campaigns or invest in digital assets. Matsumoto hopes to establish Monex as one of the most preferred options for local customers.
Monex has made several acquisitions in recent years. In July 2022, the firm bought 100% shares of ChatBook Ltd. The company had also acquired Coincheck Inc., the exchange that was hacked in 2018, as part of its diversification efforts.
The US court had earlier approved the sale of FTX’s Japanese and European subsidiaries while the firm is still in bankruptcy proceedings. FTX Japan offered spot and derivative trading services and held 10 billion Yen ($78 million) in net assets and 17.8 billion Yen ($13.88 million) in liabilities at the end of September. The exchange had allowed customers to withdraw funds.
Monex Group’s announcement of interest in buying FTX Japan could be a major step for the crypto market in Japan. With its liberal regulations, the country has a lot of potential to grow as a major player in the digital asset industry. Time will tell if Monex will be successful in its endeavor.