Temasek-backed crypto exchange FTX launches in Japan

FTX, a Bahamas-based cryptocurrency exchange, has launched its service for customers in Japan.

FTX CEO Sam Bankman-Fried / Photo credit: FTX

The firm’s operations in the country will be handled by Quoine Corporation, which was acquired by FTX earlier this year and renamed as FTX Japan. The entity currently has a license as a crypto exchange services provider and operates as a Type 1 Financial Instruments Business.

Sam Bankman-Fried, CEO of FTX, said in a statement that Japan is a highly regulated market that has a market size of almost US$1 trillion in crypto trading. “The acquisition not only gives us a technological advantage but also allows us to work directly with Japanese regulators,” he added.

Bankman-Fried currently serves as interim CEO of FTX Japan.

Founded in 2018, FTX offers a trading platform for cryptocurrency and other assets such as prediction markets, options, and volatility products. In October 2021, the company raised US$420 million from Temasek, Sequoia Capital, and Sea Group investment arm Sea Capital, among others. The deal valued the company at US$25 billion.

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