SBI Holdings will acquire Tokyo-based cryptocurrency exchange Bitbank for approximately $289 million. The deal aims to create Japan's largest crypto exchange by asset value, combining Bitbank's infrastructure with SBI's existing operations.
Japan's SBI Holdings will acquire full control of crypto exchange Bitbank for 46.7 billion yen ($289 million) by October, pending regulatory clearance. This deal, combining Bitbank with SBI VC Trade, is set to create the country's largest crypto exchange by assets under custody and expand SBI's digital asset ecosystem.
Bitbank, a major Japanese crypto exchange, has warned users that transactions with prediction market platforms like Polymarket could lead to account suspension due to potential violations of Japan's gambling laws. The exchange stated it may restrict accounts involved in such services, citing legal and regulatory risks for Japanese residents.
Japan's Bitbank warns crypto users that transactions with prediction markets like Polymarket may lead to account suspension due to potential conflicts with gambling laws. The exchange cited concerns over betting on future events for financial gain.
SBI Holdings has opened talks to acquire shares in cryptocurrency exchange Bitbank, potentially making it a consolidated subsidiary. The deal would expand SBI's dominance in Japan's crypto market as the country prepares to bring digital assets under the Financial Instruments and Exchange Act. The acquisition follows SBI VC Trade's absorption of Bitpoint Japan on April 1 and a $50 million investment in Circle's IPO last June.
