To get Japanese exchange BitFlyer FTX Japan

Japanese cryptocurrency exchange BitFlyer will acquire the Japanese arm of the failed FTX trading platform, according to local media reports.

BitFlyer Holdings is in the process of acquiring FTX Japan in a deal expected to be worth billions or tens of millions of dollars, local news agency Nikkei reported on June 20.

Following the acquisition, FTX Japan's core business is reportedly slated to shift to crypto asset management or protection, targeting institutional investors.

FTX Japan is one of several firms affected by the FTX collapse in November 2022. The exchange maintained that the client's assets were not part of FTX's bankruptcy proceedings and continued to liquidate the clients after it finally paid them in February 2023.

The FTX exchange collapsed months after the Japanese crypto exchange went liquid and launched FTX Japan in early 2022.

This is a developing story, and more information will be added as it becomes available.