May 28, 2023

New FTX managers confirm plans to restart Japanese exchange

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1 min.

New FTX managers confirm plans to restart Japanese exchange

Bankrupt cryptocurrency exchange FTX has announced that it has postponed the process of selling its Japanese subsidiary to explore the possibility of reopening it.

According to the official statement, FTX Japanis one of the few licensed crypto operators in Japan. The exchange has two important licenses to operate, having permission to exchange crypto assets. These licenses usually take two or more years to obtain, which is one of the reasons the project is attracting investor interest.

Most importantly, the statement says, without these licenses, FTX “will not be able to legally operate spot and derivatives crypto exchanges in Japan.”

Meanwhile, the new management of FTX wants the courtapproved the incentive plan for key employees of the Japanese subsidiary. These employees include the chief operating officer, chief product officer, chief financial officer, and others.

The Japanese division of the FTX crypto exchange resumed withdrawals in February.

FTX Japan first announced plans for a comebackfunds to users in December. The withdrawal of assets of local clients was suspended on November 8, after the collapse of the parent crypto exchange FTX. In early February, the Japanese division began beta testing the refund process for all of its 35,000 users.