FTX launches licensed crypto exchange service in Japan
Quick Take
- FTX has launched FTX Japan to cater to its Japanese crypto trading customers.
- FTX Japan is the result of a previous acquisition of the licensed Quoine crypto exchange.
Crypto exchange giant FTX has launched its Japanese cryptocurrency trading service called FTX Japan, the company announced on Thursday.
FTX Japan is the result of FTX’s prior acquisition of Liquid Group in February. Liquid was the parent company of Quoine Corp., one of the first crypto exchange platforms licensed in Japan in 2017.
The launch of the platform will see FTX able to migrate its existing customer base in Japan under the FTX Japan umbrella for crypto spot and perpetual contracts trading.
These supported cryptocurrencies include bitcoin (BTC), ether (ETH), and solana (SOL) among others.
Customers will also be able to make deposits and withdrawals using the Japanese yen.
The announcement marks Japan as the latest entry in FTX’s global expansion push. Japan remains one of the most tightly-regulated jurisdictions for crypto trading and was one of the first to create a formal licensing framework for exchanges.
FTX was the second-largest centralized crypto exchange in May, as previously reported by The Block. Sam Bankman-Fried, the company’s CEO, has stated plans to spend billions of US dollars on further acquisitions.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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