Singapore Millionaire Bought the Japanese Cryptoexchange BitTrade
Main page News, Japan, Cryptocurrency Exchanges

Singapore millionaire and developer Eric Cheng purchased the Japanese company FX Trade Financial, which owns the FX trading platform and BitTrade crypto exchange, Asia One reported.

The deal amounted to $67 million. The new owner intends to make the cryptocurrency exchanges the largest in Japan, and also to scale the business around the world. For this, Cheng plans to expand the package of trade options and services, to improve interface, and strengthen security measures.

"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," said Cheng commenting on the deal.

BitTrade is one of the 16 regulated companies and approved by the Japanese government crypto exchanges. Recently, the media giant Yahoo Japan bought 40% of BitARG's, another licensed FSA crypto exchange. The amount of the transaction, according to experts, was between 18.5 million to 27.8 million dollars.

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As previously reported, the Financial Services Agency of Japan (FSA) plans to tighten the requirements for local crypto exchanges to avoid large-scale hacker attacks.

By Nadya Astam

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