Liquid Japan 2026 — JFSA exchange under post-FTX restructuring
Liquid Japan is the JFSA-licensed crypto exchange operated by QUOINE Corporation — the Tokyo entity that survived the November 2022 FTX collapse and emerged in 2023 under restructured ownership as part of the Mercury FX group. The 2026 product offers JPY spot markets, periodic welcome-credit campaigns, and trading-fee-rebate promotions, positioned conservatively in the post-bankruptcy phase.
Liquid Japan — the survivor of FTX's collapse
Liquid was originally a global crypto exchange operated by QUOINE Corporation (a JFSA-licensed Japanese entity) and Liquid Group (a Singapore parent). FTX acquired Liquid in early 2022. When FTX collapsed in November 2022, Liquid's global product was caught in the bankruptcy estate, but the JFSA-licensed Japanese entity QUOINE Corporation was structurally insulated by Japanese segregated-custody rules and Japanese resident customers' assets remained protected. Post-bankruptcy, QUOINE was restructured under new ownership and continues to operate the Liquid Japan platform as a JFSA-licensed venue. The 2026 product is materially smaller than its pre-FTX peak but remains a credible JFSA-licensed alternative for Japanese retail users.
Activation flow
Sign up at liquid.com/ja with a Japanese phone number, residence card, and My Number tax ID. Complete JFSA-grade KYC via in-app eKYC photo verification. Link a Japanese bank account for JPY deposits. Welcome-credit campaigns run seasonally — typical structure is ¥500–¥2,000 in trading credit unlocked after the invitee's first qualifying trade volume threshold. Trading-fee rebate campaigns are separate and may overlap with welcome credits.
The FTX collapse and Japanese segregated custody
The QUOINE Corporation experience during the November 2022 FTX collapse is one of the strongest empirical demonstrations of JFSA segregated-custody rules in action. While FTX International's customer assets were comingled with operational treasury and lost, QUOINE's Japanese-resident client assets were held in segregated cold storage as JFSA rules require — and those assets remained protected and accessible throughout the bankruptcy. Japanese retail users were able to withdraw or trade their balances without principal impairment. This is a meaningful regulatory case study and arguably the most important post-mortem datapoint in favour of strict national crypto custody rules.
Pros and cons
✅ Strengths
- JFSA-licensed via QUOINE Corporation — segregated-custody rules tested in the FTX collapse.
- Demonstrated post-bankruptcy operational continuity for Japanese-resident customers.
- Seasonal welcome-credit and trading-fee-rebate campaigns.
- Member of JVCEA self-regulatory body.
⚠️ Weaknesses
- Liquidity materially thinner than pre-FTX peak.
- Post-bankruptcy ownership structure carries restructuring tail-risk.
- Listed asset count more conservative than bitFlyer / BitBank / Coincheck.
- Japanese resident KYC required — no non-JP access.
Liquid vs bitFlyer vs Coincheck
| Metric | Liquid Japan | bitFlyer | Coincheck |
|---|---|---|---|
| Welcome / referral | JPY credit campaigns | ¥1,500 bonus | ¥1,500 + zero-fee events |
| JFSA licensing | Yes (QUOINE Corp) | Yes | Yes |
| Post-FTX status | Restructured 2023 | n/a — independent | n/a — Monex subsidiary |
| Listed JPY pairs | ~15 | ~25 | ~30 |
| Best for | JFSA-segregated-custody case study + niche pairs | Institutional-anchored Japanese retail | Beginner-friendly Japanese retail |
Editor's personal take
Liquid Japan is an unusual recommendation profile — the platform's regulatory anchor is genuinely robust (the FTX collapse demonstrated this in real time), but the post-bankruptcy thinning of liquidity and listed-asset breadth means most Japanese retail users will be better served by bitFlyer, Coincheck or BitBank for primary use. Liquid retains relevance for users who want a JFSA-licensed alternative for diversification across multiple Japanese venues, and for any user impressed by the segregated-custody case study during FTX's collapse. The historical relevance is in some ways more important than the current product.
FAQ
Did Liquid Japan customers lose money when FTX collapsed?
No. QUOINE Corporation, the JFSA-licensed Japanese entity operating Liquid Japan, held Japanese-resident customer crypto and fiat in segregated cold storage per JFSA rules. Those assets remained accessible during and after the November 2022 FTX bankruptcy.
Who owns Liquid Japan today?
QUOINE Corporation was restructured in 2023 as part of the post-FTX-bankruptcy proceedings under new ownership in the Mercury FX group. The JFSA licence remains active and intact.
Can non-Japanese residents use Liquid Japan?
No. JFSA rules require Japanese residency and Japanese bank-account linkage for retail account opening.