Singaporean Multi-millionaire Acquires BitTrade for $50 Mln

Singaporean Multi-millionaire Acquires BitTrade for $50 Mln

BitTrade, a Japanese crypto exchange has been acquired for S$67 million (50 million USD) by a Singaporean multi-millionaire and businessman as reported by Asia One.

Mr. Eric Cheng will take a 100 percent stake in BitTrade Co., Ltd, as per the acquisition. BitTrade is one of the 16 domestic crypto exchanges to obtain a permit from the Financial Services Agency (FSA). Word is around that the Singaporean Gaint, Cheng will also be acquiring BitTrade’s associate organization, FX Trade Financial Co., Ltd, one of Japan’s driving forex exchanging platform.

As reported by Asia One, with this investment Cheng becomes the first foreign investor to hold a 100 percent stake in an FSA-licensed trading platform. Cheng reported:

“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.”

The management teams of both platforms will supposedly work to “aggressively scale” and extend trading services on the exchange, reinforce cybersecurity measures, and develop a user interface that will be friendly to the international users.

As revealed not long ago, Bitrade announced that “there is no policy to change the basic business framework under the new ownership,” and that as of now all services that are currently provided will continue as it is.

An inexorably firm regulatory climate for crypto in Japan has been set off after the two very high-profile Japanese crypto exchange scandals- the infamous crumple of Tokyo-based Mt. Gox and January’s unprecedented 532 million dollar Coincheck hack. The FSA permit held by BitTrade already specified firm rules, with the financial watchdog introducing further necessities for crypto exchanges earlier this month.

A self-administrative body for Japanese trades was called in April to give help to local administrators, some of whom have clasped under the rising weight from the FSA. In spite of that, the nation keeps on indicating high crypto reception levels. A leading Japanese FinTech company announced just over a week ago that it will be launching a crypto asset exchange in this year.

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.