CoinWorld news: Japan’s financial services giant SBI Holdings has reached an agreement to acquire the cryptocurrency exchange Bitbank for approximately $289 million. The Tokyo bank first floated the idea in early last month as part of its broader strategy to expand its crypto business ahead of potential regulatory developments in Japan. SBI acquired the crypto exchange Bitpoint in 2022. According to CoinGecko data, Bitbank is one of the top ten cryptocurrency exchanges in Japan by trading activity, with 24-hour trading volume nearing $50 million. SBI said the acquisition is subject to regulatory approval and is expected to be completed in October.

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GateUser-744c843b
· 4h ago
Regulatory approval is pending, settlement won't happen until October, there are still variables in between to watch, but the combination of traditional giants and established exchanges is indeed stable.
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MoonlightTake-ProfitLine
· 4h ago
In 2022, it acquired Bitpoint, and now Bitbank again. Is SBI moving to package up Japanese exchanges?
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Stop-LossAtTheEdgeOfTheLava
· 4h ago
SBI's move is impressive - they directly acquired Bitbank for $289 million. Japan's traditional financial giants are entering the scene with increasing force.
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