FTX Japan Gets Three Months Deadline to Sort Customer Withdrawals
FTX Japan Gets Three Months Deadline to Sort Customer Withdrawals
- Japan authorities gave FTX Japan approval to work for three months more.
- FTX Japan’s previous business suspension order will take effect from March 2023.
- The Japanese subsidiary is one of 134 companies caught up in FTX’s bankruptcy.
Local regulators have given the Japanese affiliate of the bankrupt FTX crypto exchange permission to work through withdrawal-related problems until 2023. According to Reuters, the Kanto Local Finance Bureau has agreed to extend the business suspension order to FTX Japan until March next year.
FTX’s administrative disposition was initially supposed to end on December 9, 2022. However, the authorities gave additional three months’ extension due to the inability of customers to withdraw their crypto assets in FTX’s custody.
Notably, FTX Japan came to life barely seven months ago as FTX acquired the Japanese crypto exchange Liquid. Furthermore, the Japanese subsidiary is one of 134 companies caught up in FTX’s bankruptcy proceedings but has been drafting a plan to return client funds.
In an official note early this month, FTX Japan confirmed that its customers’ assets would not be part of FTX Japan’s estate due to Japanese regulations …
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