DMM Bitcoin will transfer assets to SBI VC Trade, then shut down

DMM Bitcoin will transfer customer accounts and deposited assets to SBI VC Trade, and plans to discontinue its business after the transfer is completed.

Regarding the unauthorized cryptocurrency outflow that occurred on May 31, 2024, the cryptocurrency exchange continues its investigation. During this period, DMM Bitcoin has restricted services such as cryptocurrency withdrawals and spot cryptocurrency buy orders, but it has now come to the conclusion that prolonging this situation would significantly inconvenience their customers.

In light of these circumstances, and prioritizing customer protection, DMM Bitcoin has decided to transfer accounts and deposited assets to another company. After carefully considering various aspects including customer convenience, DMM Bitcoin has reached a basic agreement with SBI VC Trade as the transfer destination.

Under this agreement, all accounts and deposited assets (Japanese yen and cryptocurrencies) currently with DMM Bitcoin are scheduled to be transferred to SBI VC Trade around March 2025. Margin trading unresolved positions will not be transferred, and customers will be expected to settle all such positions by a certain date before the transfer date.

Moving forward, both companies will continue negotiations to finalize the contract regarding the transfer of accounts and deposited assets. DMM Bitcoin will promptly disclose any matters that should be announced regarding specific transfer dates and methods.

Please follow us to read more about Finance & FinTech in Japan, like hundreds of readers do every day. We invite you to also register for our short weekly digest, the “Japan FinTech Observer”, on Medium, on LinkedIn, or on Substack.

We also provide a daily short-form Japan FinTech Observer news podcast, available via its Podcast Page. Our global Finance & FinTech Podcast, “eXponential Finance” is available through its own LinkedIn newsletter, or via its Podcast Page.

Should you live in Tokyo, or just pass through, please also join our meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.