Japanese crypto exchange DMM Bitcoin will shut down after a security breach in May, which led to the theft of approximately 4,503 bitcoin, valued at US$306 million at the time.

The exchange will transfer its customer accounts and custodial assets to SBI VC Trade, the cryptocurrency division of SBI Group, by March 2025.

Despite securing 55 billion yen (US$365.1 million) in funding in June, DMM Bitcoin decided to close.

SBI VC Trade to acquire DMM Bitcoin’s assets and handle spot trading for 14 cryptocurrencies. Operations will conclude after the transfer is finalized.