FTX Japan Has Until March 2023 to Cease All Operations (Report)

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

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

• According to recent coverage, the Kanto Local Finance Bureau will grant FTX Japan three more months before halting all its activities.
• The final date has moved from December 9, 2022, to March 9, 2023, because the company still struggles to return assets to customers.
• The authorities further claimed that FTX Japan’s trading system continues to be out of order.
• The Japanese subsidiary of the bankrupt exchange vowed to resume customer withdrawals by the end of 2022 by developing new infrastructure.
• It reiterated its intentions at the beginning of December, assuring that cash and cryptocurrencies stored on the platform are not part of the company’s estate.

“Based on this, we will promote the above return plan and plan to resume withdrawal and retrieval services as part of normal operations as soon as preparations are complete,” FTX Japan stated at the time.

• Logically, the collapse of FTX has caused tremendous issues for the Japanese affiliate. The latter reportedly has over $170 million in cash on its books, making it the third-biggest source of money for the former crypto giant.