Domestic Crypto Asset Exchange M&A and Consolidation History (2018-2026)
ConfidenceLikelyUpdated2026-07-29Review by2027-01-29Sources5Machine-translatedOriginal (JA)
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This entry sits under exchanges index. Read it against Japan Domestic VASP Crypto Asset Breach History (2014-2026) for peer / contrast context and FSA crypto-asset exchange registration system — number system / Local Finance Bureau jurisdiction / registration requirements for the broader system / regulatory boundary.
Overview
This entry organizes major share acquisitions, business transfers, mergers, and trade-name changes involving Japanese crypto-asset exchange operators when confirmed in timely disclosures or official company announcements. It does not treat signing, closing, customer-asset transfer, and merger as the same “completed acquisition,” and it labels conditional transactions accordingly.
Major Transaction Timeline
The table is based on official disclosures by the parties. Amounts are shown only when disclosed, and estimates from external M&A databases are not used to turn a customer-asset transfer into a share acquisition. ^[Sources: https://www.monexgroup.jp/jp/news_release/irnews/auto_20180405405861.html; https://global.rakuten.com/corp/news/press/2018/0831_01.html; https://bitflyer.com/pub/20240726-Completion-of-FTX-Japan-K.K.-Share-Acquisition-ja.pdf; https://www.sbigroup.co.jp/news/2026/0625_16429.html; https://www.jngroup.jp/wp-content/uploads/2025/02/kaiji_20250208.pdf.]
| Period | Transaction | Driver |
|---|---|---|
| 2018-04 | Monex Group announced an agreement to acquire all shares of jp-exchange-coincheck for ¥3.6 billion | Rebuilding Coincheck’s governance and internal controls |
| 2018-10 | Rakuten acquired all shares of Everybody’s Bitcoin, later jp-exchange-rakuten-wallet | Payment and financial-service integration within Rakuten Group |
| 2021-12 | jp-exchange-sbi-vc-trade absorbed TaoTao | Integration of exchange operators within SBI Group |
| 2022-04 | QUOINE under Liquid Group changed its name to FTX Japan | Reorganization after FTX acquired Liquid Group |
| 2022-2024 | DeCurret’s exchange entity moved to Amber Group and later the Sony side, then changed its name to jp-exchange-sblox in July 2024 | Shareholder and brand changes |
| 2022-11 | Binance announced acquisition of all Sakura Exchange BitCoin shares, later jp-exchange-binance-japan | Business expansion through a registered Japanese entity |
| 2024-07-26 | bitFlyer Holdings completed acquisition of all FTX Japan shares, later renamed jp-exchange-custodiem | Share transfer during FTX bankruptcy proceedings |
| 2025-03 | Customer accounts and entrusted assets of jp-exchange-dmm-bitcoin transferred to SBI VC Trade | Customer transfer accompanying the closure of DMM Bitcoin’s business |
| 2025-02 | JN Group disclosed that ZED Holdings and jp-exchange-zaif became consolidated subsidiaries | Group reorganization |
| 2026-04-01 | SBI VC Trade absorbed BITPoint | Integration of exchange operators within SBI Group |
| 2026-06-25 | SBI Holdings announced a share-acquisition agreement for jp-exchange-bitbank | Conditional transaction subject to regulatory approvals; not closed as of that announcement |
Driver Analysis (3 Integration Triggers)
- Business continuity and customer protection after incidents — Coincheck’s share acquisition and DMM Bitcoin’s customer transfer used different transaction structures
- Intragroup reorganization — TaoTao and BITPoint were merged into SBI VC Trade
- Market entry and business portfolios — The Rakuten, Binance, and Sony-side transactions included acquisition of a registered entity, technology, or customer base
These are classifications drawn from public materials, not claims about companies’ undisclosed decision-making.
Consolidation-status snapshot (2026-07-29)
- SBI group: TaoTao and BITPoint were absorbed by SBI VC Trade. DMM Bitcoin transferred customer accounts and entrusted assets. The bitbank transaction announced on 2026-06-25 remained conditional
- bitFlyer group: bitFlyer + Custodiem (formerly FTX Japan)
- GMO group: GMO Coin (no independent consolidation, organic expansion model)
- Monex group: Coincheck
- Rakuten / LINE group: Rakuten Wallet / LINE Xenesis (BITMAX)
- Sony group: S.BLOX (formerly DeCurret)
This corporate-relationship map does not establish trading-volume share or a “largest domestic” rank. Any concentration analysis requires JVCEA or other data for the same period and metric.
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