Japanese financial services giant SBI Holdings said it agreed to buy cryptocurrency exchange Bitbank for around $289 million.

The Tokyo-based bank first floated the idea at the start of last month, framing it as part of a broader strategy to expand its crypto business ahead of potential regulatory developments in Japan. It bought crypto exchange Bitpoint in 2022.

Japan is in the process of bringing cryptocurrencies under the umbrella of financial products as authorized by the Financial Instruments and Exchange Act, which applies to stocks and other securities. This could take effect from early next fiscal year.

Bitbank is among Japan’s top 10 largest crypto exchanges by trading activity, according to CoinGecko, processing 24-hour volume of just under $50 million. Competitors such as Toobit, CoinW, Kraken and Bitmart all process in excess of $1 billion.

SBI said the acquisition, which is subject to regulatory approval, is set to close in October in a statement on Thursday.