Japan domestic VASP parent-company / shareholder-structure map

Overview

Roughly 35 社 domestic Japanese crypto-asset exchange operators (VASPs) (as of 2026-05 ) are FSA-registered, and their behavior patterns differ greatly by parent-company attribute. Organizing the capital lineages into 3 broad categories, they split into (1) listed-company type (subsidiaries of independent holding companies / operating companies), (2) independent type (no parent; held by founders / management), and (3) offshore type (Japan entities of global CEXs), each differing in product design, compliance posture, and liquidity-provision strategy.

Large financial-conglomerate type (the main 5 cluster)

The core VASP cluster is, without exception, under large financial groups listed on the TSE Prime market.

• SBI group (parent: SBI HD / 8473) — jp-exchange-sbi-vc-trade + jp-exchange-bi-fxtrade (BI FXTRADE = SBI FX Trade subsidiary) + jp-exchange-sbi-securities (offers crypto derivatives). Spot / FX / derivatives are divided up within the group
• GMO group (parent: GMO Internet Group / 9449) — jp-exchange-gmo-coin. Operated as an extension of the internet-infrastructure business
• Monex group (parent: Monex Group / 8698) — jp-exchange-coincheck + Monex, Inc. (crypto derivatives). Since the 2018-04 Coincheck acquisition, operates via the US-Nasdaq-listed parent Coincheck Group
• Mitsui / JPX institutional type — jp-exchange-crypto-garage (DG Holdings × Tokyo Tanshi × Nomura HD investment), jp-exchange-digital-asset-markets (JPX + Mitsui & Co. + Monex consortium). For institutional investors / PTS
• bitFlyer Holdings type — jp-exchange-bitflyer + jp-exchange-custodiem (formerly FTX Japan, acquired 2024 )

Listed-company type (other than the above)

• Mercari (4385) → jp-exchange-mercoin
• Rakuten Group (4755) → jp-exchange-rakuten-wallet
• LINE Yahoo (4689) → jp-exchange-line-xenesis (service scheduled to end 2026-06 )
• Ceres (3696) → Mercury (jp-exchange-mercury, operates CoinTrade)
• JN Group HD (6634) → jp-exchange-zaif (wholly subsidiarized 2025-07 )

Offshore type (Japan entities of global CEXs)

• Coinbase Global (NASDAQ:COIN) → jp-exchange-coinbase-japan (withdrew 2023 , retains license)
• Binance → jp-exchange-binance-japan (PayPay invested 40%)
• OKX → jp-exchange-okcoin-japan (OKJ)
• Gate.io → jp-exchange-gate-japan (formerly LastRoots)
• OSL Group (HKEX:863) → jp-exchange-osl-japan (formerly CoinBest)
• HashKey Group → jp-exchange-tokyo-hash
• Backpack Exchange → jp-exchange-trek-labs-japan (Type 2 derivatives)
• Saxo Bank A/S → jp-exchange-saxo-bank-japan (Type 2)
• Nomura HD Swiss subsidiary → jp-exchange-laser-digital-japan (Type 2)

Independent type (no parent company)

Unlisted private companies held by management / founders. Lacking capital-market access, they adopt a survival strategy of deep-cultivating specific segments rather than scaling up.

• jp-exchange-bitbank — domestic spot-liquidity No.2 class, holds to independence
• jp-exchange-btcbox — veteran, Chinese-affiliated liquidity
• jp-exchange-gaia — niche
• jp-exchange-backseat-exchange — formerly coinbook, trust-beneficiary-right type

Differences in behavior patterns

• Large financial type: compliance-first · listed tokens are disclosed even in the parent’s IR · new listings are slow
• Independent type: nimble new listings · bankruptcy risk judged case by case
• Offshore type: a gateway role bridging in the parent’s global liquidity, but constrained by Japan’s market self-regulation (the JVCEA Type 1 token list)

Related: jvcea-self-regulatory-overview · fsa-vasp-registration-system · jp-vasp-incident-history

Source: FSA notices (crypto-asset exchange operator registration list), JVCEA member list, listed-parent EDINET disclosures