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Gungun Bhatia
Dec 9, 2022
by Gungun Bhatia

FTX Japan Gets Three-month Reprieve to Stop Business

FTX Japan

Table of contents

  1. FTX Japan Extends Initial Date to Stop Business
  2. Business Developmental Plan
Local regulators have given the FTX Japan division of the now-defunct cryptocurrency exchange permission to continue resolving withdrawal-related concerns till the end of the current calendar year.

FTX Japan Extends Initial Date to Stop Business

According to Reuters, a statement addressing the Japanese division of the now-defunct cryptocurrency exchange operations has been released by the Kanto Local Finance Bureau, a regional financial regulator working under the jurisdiction of the Japanese Ministry of Finance.

The Japanese government has extended the initial date for FTX's business suspension by three months, pushing it back to March 9, 2023. The Financial Services Agency (FSA) of Japan first asked the Japanese division of the now-defunct cryptocurrency exchange to halt business orders by December 9 in mid-November.

Business Developmental Plan

The notice claims that FTX Japan has already refused to hand over assets from custody to creditors, leading the Kanto Local Finance Bureau to request the prolongation of the deadline. The regulator stressed that the trading mechanism for FTX Japan is still inoperable.

The exchange is moving through with a business growth strategy that the company filed to the Kanto Local Finance Bureau on November 16, according to the Japanese division of the now-defunct cryptocurrency exchange, which subsequently verified the most recent news in a blog post. The exchange stated that the platform has been inoperative and added that it is not viable to rapidly refund customers' assets.

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Cryptocurrency Financial Services Agency (FSA) FTX Japan Kanto Local Finance Bureau
FTX Japan Gets Three-month Reprieve to Stop Business
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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