Japanese Cryptocurrency Exchange DMM Bitcoin to Undergo Liquidation

TOKYO — DMM Bitcoin, a Japanese cryptocurrency trading platform, is set for dissolution as per the information obtained by Nikkei, following a decisive loss of 48.2 billion yen ($321 million) due to fraud in May, which impaired its ability to maintain adequate services for its clientele.

The dismantling process will include transferring the assets of its users to SBI VC Trade, which operates under the SBI Group umbrella, with the transfer expected to occur around March.