June 18, 2024

New FTX managers confirm plans to restart Japanese exchange

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New FTX managers confirm plans to restart Japanese exchange

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

According to the official statement, FTX Japan is one of the few licensed crypto operators in Japan.The exchange holds two important licenses to operate, having permission to exchange crypto assets.It usually takes two or more years to obtain these licenses, which is one of the reasons why the projectattracts the interest of investors.

Most importantly, the statement said, without these licenses, FTX "will not be able tolegally operate spot and derivatives crypto exchanges in Japan." 

Meanwhile, FTX's new management wants the court to approve a plan to reward key employees of the Japanese subsidiary.These employees include the Chief Operating Officer, Chief Product Officer, Chief Financial Officerand others.

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

FTX Japan first announced plans to return funds to users in December. Withdrawals of assets from local customers were suspended on November 8, following 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.