The CEO of Monex said that Japan’s cryptocurrency market has a lot of potential due to the country’s lax regulations.
Investment advisory firm Monex Group has expressed interest in acquiring FTX Japan, the Japanese subsidiary of bankrupt exchange FTX, Bloomberg reported Jan. 16.
Monex CEO Oki Matsumoto told Bloomberg that less competition in the local market is a "very good thing" for the company. "Generally speaking, we are naturally interested," Matsumoto said.
Additionally, Matsumoto noted that Japan’s cryptocurrency market has great potential, as companies may use non-fungible tokens for marketing activities or investments in digital assets due to Japan’s lax regulations.
Therefore, the Monex CEO hopes to establish the company as one of the favorite choices for local customers.
As part of Monex’s diversification efforts, it also acquired Coincheck Inc., an exchange that was hacked in 2018. It acquired the company to enhance its portfolio of stock and foreign exchange services, and Monex also purchased 100% of ChatBook Ltd. in July 2022.
FTX Japan allows customers to withdraw funds
FTX Japan, formerly known as Liquid, provides spot and derivatives trading services. A U.S. court earlier approved the sale of FTX’s subsidiaries in Japan and Europe while the company is still in bankruptcy proceedings.
FTX Japan held about 10 billion yen ($78 million) in net assets and 17.8 billion yen ($13.88 million) in cash and deposits as of the end of September, and the company is expected to allow its customers to withdraw funds next month.
