FTX received 3 months to close operations in Japan
2022.12.09 04:49
FTX received 3 months to close operations in Japan
Budrigannews.com – Local authorities have granted permission to the Japanese subsidiary of the now-defunct cryptocurrency exchange FTX to continue resolving withdrawal issues until the following year.
According to Reuters, the Kanto Local Finance Bureau, a local financial regulator under the Ministry of Finance of Japan, has released a statement regarding FTX Japan operations.
The deadline for FTX’s business suspension has been extended by three months by the Japanese authority to March 9, 2023. The Financial Services Agency (FSA) of Japan initially requested that FTX Japan suspend business orders by December 9.
The announcement says that the Kanto Local Finance Bureau has decided to extend the deadline because FTX Japan hasn’t given creditors their custody assets yet. The regulator emphasized that the trading system of FTX Japan remains inoperative.
In a subsequent blog post, FTX Japan confirmed the most recent information, stating that the exchange is moving forward with a “business improvement plan” it submitted to the Kanto Local Finance Bureau on November 16. The exchange added, “not possible to quickly return customer’s assets,” in addition to noting that the platform has been unavailable.
The announcement comes shortly after FTX Japan issued a plan on December 1 to resume withdrawals. The exchange has previously stated that the assets of its customers are not included in FTX’s bankruptcy proceedings. In the beginning, the company intended to resume withdrawals by the end of 2022.
After acquiring Japanese cryptocurrency exchange Liquid in February, FTX launched its Japanese arm in June 2022, as previously reported.
