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SBI Holdings to Buy Bitbank Crypto Exchange for About $289 Million
SBI Holdings agreed to acquire cryptocurrency exchange Bitbank for around $289 million. The Tokyo-based firm said the transaction will close in October subject to regulatory approval.
BI
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SBI Holdings agreed to acquire cryptocurrency exchange Bitbank for around $289 million. The Tokyo-based financial services company announced the deal Thursday and said completion is scheduled for October, subject to regulatory approval. SBI previously acquired crypto exchange Bitpoint in 2022.
The firm first signaled interest in the transaction at the start of last month and described it as preparation for upcoming regulatory shifts in Japan. Japan is incorporating cryptocurrencies into the framework of the Financial Instruments and Exchange Act, which already covers stocks and other securities.
The change could take effect from early next fiscal year. Bitbank ranks among Japan's top 10 crypto exchanges by trading activity, according to CoinGecko. It processes 24-hour volume of just under $50 million.
Larger platforms including Toobit, CoinW, Kraken and Bitmart each handle more than $1 billion in daily volume.
