A Singaporean multi-millionaire Eric Cheng has bought the FSA-licensed Japanese Crypto Exchange BitTrade for $50 million. Mr. Cheng has also acquired BitTrade’s affiliate company, FX Trade Financial Co., Ltd.
1 June, AtoZ Markets – BitTrade, one of the famous Japanese crypto exchanges, has been bought for S$67 million ($50 million) by a Singaporean multi-millionaire, according to the online reports.
FSA-licenced Japanese Crypto Exchange BitTrade Acquired for $50M
The process of the acquisition will bring Mr. Eric Cheng a 100 percent stake in BitTrade Cp., Ltd. BitTrade is one of the 16 local crypto exchanges in Japan that has received a license from the main Japanese financial regulator, the Financial Services Agency (FSA).
Mr. Cheng has also acquired BitTrade’s affiliate company, FX Trade Financial Co., Ltd. The latter is one of the leading Japanese Forex trading platforms.
According to the local media reports, the investment makes Cheng the first foreign investors to have a 100 stake in a trading platform with FSA license. Mr. Cheng has been quoted as saying:
“The cryptocurrency industry is growing exponentially. Against this backdrop, the key to capturing the rising demand is having a well-regulated and licensed outfit. With this Japanese FSA-licensed platform, I will work closely with the regulators to scale this platform globally.”
Japan Crypto Exchanges’ FSA License
The management of both the BitTrade and FX Trade Financial Co will work to “aggressively scale” and developer trading services on the exchanges. They are also planning to solidify cybersecurity measures and enhance international user-focused interfaces.
Earlier this week, some of the online reports have been quoting BitTrade as saying “there is no policy to change the basic business framework under the new ownership.”
A number of big cryptocurrency scandals have prompted Japanese regulators to adopt a stricter set of regulations in the country. The FSA license of BitTrade implies that the exchange is abiding by the strict guidelines. In addition, the Japanese watchdog is looking into introducing further requirements for digital currency exchange.
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