Sam Bankman-Fried – billionaire and current Head of crypto exchange FTX – reportedly revealed the initiative from his firm to complete the acquisition of Japan-based crypto firm Liquid Group and its subsidiaries. 

Specifically, as included within the scope of the agreement, FTX is reportedly set to finalize the acquisition of Quoine Corporation – a Financial Services Agency (FSA)-approved crypto exchange. 

Quoine previously completed the purchase of a Type I Financial Instruments Business license under the Financial Instruments and Exchange Act from the Japanese regulatory governments.

“Quoine will gradually integrate FTX’s products and services into its own offering, and FTX’s existing Japanese customers will be migrated to Quoine’s platform.” The freshly formed alliance reportedly aims to cater to retail and institutional investors, in both local and international markets. 

The partnership further makes it compulsory for FTX to stay compliant with Japanese regulations throughout its process of offering services to current Japanese users on its platform. 

Based on this agreement, FTX is reportedly going to complete the transfer of current users from Japan to Quoine’s trading platform, beginning March 30.

While the expected timeline for the purchase in March this year, details related to the economic terms of the deal are still anonymous. 

Last week, FTX US reportedly hit the $8 billion benchmark in terms of valuation, after securing $400 million of capital injection led by SoftBank Group Corp.

“I think we’re not entering a long-term crypto winter. There have been changes in expectations of interest rates, and that’s been moving crypto markets. But it’s been moving markets more generally as well.” Bankman-Fried reportedly expressed a bullish attitude regardless of worries from professionals anticipating a falling crypto market.