• Home
  • Bitcoin
  • Ethereum
  • Press Releases
Facebook Telegram
Facebook
Baffic
Submit Press Release
  • News
  • Press Release
  • Facebook
  • Google News
Baffic
FTX Japan intends to continue withdrawals by 2023
FTX Japan intends to continue withdrawals by 2023
News

FTX Japan intends to continue withdrawals by 2023

By Andy JoshNovember 22, 2022
Share
Facebook Twitter LinkedIn Telegram WhatsApp

On November 10, prior to FTX Group’s bankruptcy filing in the United States, the Financial Services Agency of Japan requested that the exchange suspend business orders.

FTX Japan, the Japanese subsidiary of the cryptocurrency exchange FTX, reportedly intends to resume withdrawals by the end of 2022.

NHK, a Japanese news outlet, reported on November 21 that FTX Japan has been preparing to resume withdrawals. On November 10, prior to FTX Group declaring bankruptcy in the United States for more than 130 associated companies, including FTX Japan Holdings, FTX Japan, and FTX Japan Services, Japan’s Financial Services Agency (FSA) requested that the exchange suspend business orders.

In response to reports that FTX Japan’s parent company was “facing credit uncertainties,” the FSA made an announcement on November 11 that it had taken administrative actions against the company. Unless otherwise directed by the financial regulator, the orders required FTX Japan to suspend new user deposits and over-the-counter derivatives transactions from November 10 to December 9.By November 16, FTX Japan should have also provided a plan for how the exchange planned to safeguard investors and provide transparency regarding the situation.
NHK reported, citing an unidentified executive at the Japanese exchange, that FTX Japan had approximately 19.6 billion yen in cash—or more than $138 million—when it ceased operations on November 10.FTX Trading’s bankruptcy proceedings in the United States reportedly included the Japanese company for sale.

In response to the ongoing litigation against the company, other FTX subsidiaries have taken similar actions. Due to its Chapter 11 bankruptcy filing, another Japan-based FTX Group company, Liquid, announced on Nov. 20 that it had halted “all forms of trading. “In the event that FTX US files for bankruptcy, LedgerX, which is owned by the company West Realm Shire Services, may not be listed as a debtor.

Japan
Share. Facebook Twitter LinkedIn Telegram WhatsApp

Related Posts

FTX US ex-president reportedly seeks $6M funding to launch Crypto startup

December 3, 2022

Italy to force 26% capital additions charge on Crypto benefits

December 2, 2022

Senate Banking Committee chair calls for coordination with Treasury on Crypto

December 1, 2022

Brazil passes law to legalize Crypto as a payment method

November 30, 2022

LBRY alleges Apple forced it to censor certain terms during COVID-19

November 29, 2022

SEC chair’s Crypto oversight strategy in question as ecosystems collapse

November 26, 2022

Comments are closed.

Advertisement
Latest Press Releases

Cozy Web3 Movement: Cozies announces minting of Cozies NFTs for October 10th

October 6, 2022

Blockchain Twitter App Launches to Bring Decentralized Social to the Masses

October 5, 2022

Talent Protocol supports the next generation of builders through the acquisition of Agora Labs

October 5, 2022

Type above and press Enter to search. Press Esc to cancel.