FTX Japan has until March 2023 to cease all operations (Report)

Japanese authorities have reportedly extended the suspension order to FTX Japan until March 9, 2023.

Initially, the company had to stop all services on December 9.

  • According to the latest reportsThe local finance office in Kanto will give FTX Japan another three months before it ceases all its activities.
  • The deadline has been pushed back from December 9, 2022, to March 9, 2023, as the company is still struggling to return assets to customers.
  • The authorities further claimed that the FTX Japan trading system is still down.
  • The Japanese subsidiary of the bankrupt stock exchange I swear To resume customer withdrawals at the end of 2022 by developing new infrastructure.
  • It reiterated its intentions in early December, reiterating that cash and cryptocurrencies stored on the platform are not part of the company’s holdings.

“Accordingly, we will promote the aforementioned return plan and plan to resume withdrawal and receiving services as part of normal operations once preparations are complete,” FTX Japan said at the time.

  • Logically speaking, the collapse of FTX caused huge problems for the Japanese subsidiary. The latter reportedly has more than $170 million in cash on its books, making it the third largest source of funds for the former crypto giant.

Post FTX Japan Until March 2023 To Cease All Operations (Report) appeared first on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *