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A Singaporean millionaire has acquired licensed Japanese crypto exchange and forex trading platform

A Singaporean real-estate millionaire and entrepreneur Eric Cheng has acquired licensed Japanese crypto exchange BitTrade and forex trading platform FX Trade Financial Co. in a $50 million deal.

In doing so, Cheng has become the first foreign national to hold a full stake in a trading platforms licensed by the Japanese government

«The cryptocurrency industry is growing exponentially. 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», – said Cheng.

In April, Yahoo Japan announced a 40% stake in Tokyo-based cryptocurrency exchange BitARG, paving the way for the tech giant to enter the sector. Japan’s brokerage Monex acquired a crypto exchange Coincheck in April this year too.