Monex Eyeing FTX Japan

Monex Eyeing FTX Japan

Monex Group Inc. is a Tokyo-based financial services company. According to the chief executive, Sam Bankman-Fried’s defunct FTX crypto empire, which is for sale, is attracting the attention of the Japanese subsidiary.

In an interview, Oki Matsumoto said, “Generally speaking, we are naturally interested,” in response to questions about FTX Japan. The founder of Monex said it would be very good if the number of crypto exchanges competing with his firm were reduced. However, Matsumoto did not specify if Monex was bidding for the business.

The Japanese subsidiary is being auctioned off as part of a larger group of companies in bankruptcy proceedings, according to a lawsuit. The document claims 41 parties showed interest, including 25 that have signed privileged agreements with debtors.

Matsumoto says firms may start investing in digital coins and utilizing non-fungible tokens for advertising in Japan’s crypto market. When a time comes when Monex will be one of the few options for consumers, he said, it wants to establish itself as such.

Regardless Subsidiary’s Listing Plans Remain

Monex, listed on the Tokyo Stock Exchange, has been expanding internationally and into new industries. In 2018, it purchased Coincheck Inc., a cryptocurrency exchange that had been hacked, to offer a new product to its foreign exchange services and stock offerings.

Matsumoto is a former Goldman Sachs Group Inc partner. He said there had been no change in the company’s intention to list Coincheck on the Nasdaq Exchange.

According to a statement, FXT Japan had $139M in cash and deposits as of Nov. 21. The company said it also had a net worth of about 10 billion yen at the end of September. Starting next month, the firm wants individuals to be able to withdraw their money.

Mamoru Yanase is deputy director-general of the Financial Services Agency’s Strategy Development and Management Bureau. He insists the Japanese unit will keep its licenses even if its owner changes.