FTX announces acquisition of Japanese licensed exchange Liquid, aiming to seize the local market in Japan
FTX Exchange announced the acquisition of Liquid, an exchange registered and licensed by the Financial Services Agency (FSA) of Japan, to provide compliant services and products to Japanese users.
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FTX Exchange has announced the acquisition of Liquid, a registered and licensed exchange by the Japanese Financial Services Agency (FSA), to provide compliant services and products to users in Japan.
International exchange FTX Trading Limited announced on the 2nd that it has reached an agreement to acquire the licensed exchange Liquid in Japan, with the acquisition expected to be completed in March. Liquid was one of the earliest exchanges in Japan to obtain a license in 2017.
The parent company of the Japanese exchange Liquid is Quoine, and after the acquisition, Quoine will integrate FTX's existing services and products into the platform and merge FTX's existing Japanese users into Liquid.
In the future, both parties will jointly provide products and liquidity to retail and institutional investors, targeting the Japanese and global markets.
Last August, FTX provided a $120 million loan when Liquid experienced a hack. In October of last year, Quoine Corporation obtained registration under the Financial Instruments and Exchange Act of Japan as a Type 1 financial instrument business, allowing Liquid to offer derivative products on its platform to both general users and institutional investors in Japan.
According to reports, there are currently 30 licensed cryptocurrency exchanges in Japan, with Coinbase also successfully obtaining a license in August last year.
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