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Japanese Regulator Extends FTX Japan’s Suspension as Users Wait for Their Funds
The Financial Services Agency ordered that operations stay suspended for another three months.
By Lavender Au
Updated Dec 9, 2022, 5:05 p.m. Published Dec 9, 2022, 12:58 p.m.
Japan’s Financial Services Agency (FSA) has extended FTX Japan's suspension to March 9. An earlier suspension order, issued on Nov. 10 after FTX Japan halted user withdrawals, was set to expire on Friday.
The FSA reiterated its earlier position, saying that it is necessary to take all possible measures to ensure that FTX Japan's assets do not flow out to overseas affiliates and that the interests of users are not harmed.
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Japan may be one of very few jurisdictions where FTX customers might be able to receive their funds back, following the collapse of Sam Bankman-Fried's crypto exchange in early November.
FTX Japan said the company is proceeding with the business improvement plan submitted to the regulator on Nov. 16, in a notice posted on its website today. Trading services, deposits and account opening will remain suspended.
It has been working on a plan to return user assets but has not released specifics on when users can expect to receive their funds back.
The FSA responded to a written enquiry from CoinDesk saying that it had ordered FTX Japan to return assets promptly, but had not given a specific deadline.
“We understand that client assets held by FTX Japan are preserved and segregated from its own assets,” the FSA wrote to CoinDesk.
Read more: How Not To Run a Cryptocurrency Exchange
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