The Japanese subsidiary of FTX has been granted approval from local regulators to continue sorting out issues with withdrawals for a further 3 months. The Kanto Local Finance Bureau has issued a statement regarding FTX Japan operations.
The Japanese authority has postponed FTX’s business suspension deadline until March 9, 2023, extending the original time limit by three months. In mid-November, Japan’s Financial Services Agency initially requested FTX Japan to suspend business orders by Dec. 9.
According to the announcement, the Kanto Local Finance Bureau has ordered the extension of the deadline because FTX Japan has so far failed to return assets from custody to creditors. The regulator emphasized that FTX Japan’s trading system continues to be out of function.
FTX Japan subsequently confirmed the latest news in a blog post, stating that the exchange is proceeding with a business improvement plan that the firm submitted to the Kanto Local Finance Bureau. The exchange noted that the platform has been out of function, adding that it’s not possible to quickly return customer’s assets.
