ABCC Exchange, based in the Asian city-state, has offices in Malta and Gibraltar, and was for the most part of the second half of 2018, one of the top 10 exchanges in the world by volume, according to a statement. The exchange has a daily trading volume of $35 million.

Calvin Cheng and Eric Cheng have a track record of acquiring and investing in crypto assets. Eric Cheng became the first foreigner to own a 100 per cent stake in a Japanese FSA-licensed crypto trading platform in May last year, after acquiring Japanese crypto exchange BitTrade for $50 million. He later sold a majority stake in BitTrade to global crypto giant Huobi. In January 2018, Calvin Cheng spearheaded a Hong Kong-based consortium to acquire the assets of BTCC, then the world's oldest crypto exchange.

Following the acquisition, ABCC will continue building its presence in Europe and South East Asia, its two primary markets, the firm said.