ACA Group, a leading financial advisor to institutions around the world, has officially announced to the public that it is no longer interested in buying shares of a Japan-based cryptocurrency exchange, BitFlyer.

The ACA Group based in Singapore and Japan Announced the news on Saturday via Nikkei.com.

ACA Group had in early April agreed to buy majority stakes of BitFlyer valued at up to $370 million (45 billion yen).

ACA Group’s intention was to sell the BitFlyer holdings after its corporate value increased. A coalition of shareholders independently negotiated the ACA agreement with the support of Minefumi Komiyama, the founder of bitFlyer, who owns around 13% of the company.

ACA Group did not provide much information about its decision to back out of its initial deal, but the decision comes after several proposed collaborations were recently halted, including digital galaxywhich finished its planned acquisition of crypto manager BitGo in August.

All about BitFlyer

BitFlyer is a private company in Tokyo, Japan. The company is involved in buying, selling and trading bitcoins and other CRYPTOCURRENCIES with more than 2.5 million users on its entire platform. BitFlyer launched against the backdrop of Bitcoin’s permanent market capitalization of $14,000.

BitFlyer, the Tokyo-based cryptocurrency exchange Recorded a loss of about $6.9 million in profit for the company’s financial year ending 2019. The profit loss was the result of a drop in the value of Bitcoin (BTC) in the second half of 2019.

The Financial Services Agency also discovered a security flaw in BitFlyer’s business processes that eventually exposed its clients’ investments to cyber theft in 2018.

BitFlyer responded to the problem by promising to stop taking in new business after regulators said they were not putting in place the necessary efforts and structures to curb money laundering and terrorist financing.

The future remains bright for BitFlyer as it has continually shown resilience in the face of adversity over the years. The firm hopes investors will use their past success to judge them as they consider future investments with them.

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