FTX Japan receives three-month extension to suspend business
Quick Take
- FTX Japan received approval from regulators to postpone the deadline for its business suspension by three months.
- The reason for the deadline extension revolves around FTX Japan’s failure to return assets from custody to creditors.
Failed crypto exchange FTX's Japanese subsidiary, FTX Japan, received approval from regulators to postpone the deadline for its business suspension by three months.
FTX Japan was initially asked to suspend business by Dec. 9, but the Ministry of Finance of Japan's Kanto Local Finance Bureau has extended the request to Mar. 9, 2023, according to Reuters.
FTX Japan addressed the extension in a blog post. The exchange noted that it is following a plan to improve its business in line with what it submitted to the Kanto Local Finance Bureau in mid-November.
The reason for the deadline extension revolves around FTX Japan's failure to return assets from custody to creditors. The exchange claimed its "primary focus has been on re-enabling withdrawals for both crypto and fiat assets that are under custody" on Dec. 1.
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