Singaporean multimillionaire Eric Cheng has just recently acquired the Japanese government-licensed crypto exchange BitTrade Co., Ltd yesterday, May 30, according to Asia One.
Cheng purchased BitTrade for S$67 million ($50 million USD), thus granting him a 100-percent stake on the crypto exchange. Along with BitTrade, the Singaporean entrepreneur will be acquiring its affiliate company, FX Trade Financial Co., Ltd.
Cheng’s move is unprecedented, as he is the first foreign investor to take a 100-percent ownership in a trading platform approved by Financial Services Agency (FSA), Japan’s financial watchdog.
“The cryptocurrency industry is growing exponentially,” expressed Eric Cheng. “Against this backdrop, the key to capturing the rising demand is having a well-regulated and licensed outfit. With this Japanese FSA-licensed platform, I will work closely with the regulators to scale this platform globally.”
Despite the new ownership, the management teams of both BitTrade Co., Ltd and FX Trade Financial Co., Ltd explained that there will be very little changes on the basic business framework, as well as the services that the crypto and forex exchange platforms offer. What they aim to change instead is the trading services on the exchanges, as well as to create a more international-user-friendly interface and strengthen their cybersecurity.