Fun

Japanese Regulator Slaps FTX Japan With Business Suspension Order

News Feed - 2022-11-12 02:11:50

Japanese Regulator Slaps FTX Japan With Business Suspension Order


Japan’s top financial regulator, the Financial Services Agency (FSA), has issued a business suspension order to FTX Japan, the Japanese subsidiary of FTX.com. The financial watchdog has also ordered the crypto exchange to submit a business improvement plan by Nov. 16. Japanese Regulator Takes Action Against FTX Japan


Japan’s Financial Services Agency (FSA) announced Thursday that the Kanto Local Finance Bureau has taken action against FTX Japan, the Japanese subsidiary of Sam Bankman-Fried’s embattled crypto exchange FTX.com.


Three orders have been issued against the crypto exchange: a business suspension order, an order to hold assets domestically, and a business improvement order. FTX Japan must suspend operations from Nov. 10 to Dec. 9 and the exchange cannot accept new assets from clients during that time. The regulator has also ordered the company to submit a business improvement plan by Nov. 16.


The FSA announcement explains that FTX Japan’s decision to halt customer withdrawals without specifying a schedule for resumption, while acceptance of investors’ assets and crypto transactions continue, means the exchange does not have the necessary structure to provide crypto exchange services in a manner deemed appropriate under the Japanese standards.


FTX Japan cited its parent company’s policy for withdrawal suspension. “In accordance with the policy of the head office, we have temporarily suspended the withdrawal of crypto assets and the withdrawal of legal currency,” the exchange said Wednesday.


Responding to the business suspension order, FTX Japan informed its users Thursday that during the suspension period, services relating to new account opening, spot trading, fiat currency deposits, incoming crypto transfers, and derivatives transactions are halted.


Regarding the business improvement order, the exchange informed customers: “All employees, including the management team, will take this business improvement order seriously, formulate an improvement plan, and steadily implement it. In addition, we will make a company-wide effort to thoroughly comply with relevant laws and regulations and further strengthen our management system in an effort to regain the trust of our customers.” On Friday, FTX Japan announced that some Japanese yen withdrawals have been resumed.


The action taken by the Japanese regulator followed the dramatic downfall of Bankman-Fried’s crypto empire. He reportedly told FTX.com investors that his company needs an emergency cash injection or it may have to file for bankruptcy.


The Bahamas Securities Commission has frozen the assets of the Bahamian subsidiary of FTX.com and U.S. authorities are investigating the exchange for alleged mishandling of customer funds. Tags in this story fsa, FTX Japan, FTX.com, Japan, Japan suspends FTX, Japanese regulator, Japanese regulator halts FTX, Sam Bankman-Fried


What do you think about the Japanese financial regulator taking action against FTX Japan? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. White House, US Senators Call for Proper Crypto Oversight REGULATION | 5 hours ago SEC Chair Gensler Discusses Crypto Regulation Following FTX Collapse — Says This Field Is "Significantly Non-Compliant" REGULATION | 7 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleWhite House, US Senators Call for Proper Crypto Oversight Next articleFIFA Unveils Range of New Web 3․0 Games Ahead of FIFA World Cup Qatar 2022™ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike

News Feed

David Attlee13 hours agoKorean banks research stablecoin, CBDC alternativeHana Bank plans to research certificates of deposit tokens, while Woori Bank’s research department has recently released a report on the tokens.
iTrust Lists on AscendEX
iTrust Lists on AscendEX press release PRESS RELEASE. AscendEX, a global cryptocurrency platform, is excited to announce its newest listing: iTrust token (ITG), u
Amaka Nwaokocha12 hours agoBinance halts trading of FDUSD stablecoin due to ‘technical issues’Ahead of the launch, Binance said it would offer zero maker fees for all FDUSD trading pairs.1611 Total views15 Total shar
Bitcoin traders express optimism even as BTC price targets shift lower
Nancy Lubale1 hour agoBitcoin traders express optimism even as BTC price targets shift lowerBitcoin traders say “the bottom is in” even as BTC price retests the 200-day moving average and threatens to descend lower.1
Tristan Greene6 hours agoJudge denies stakeholders’ request for representation in Celsius bankruptcy caseThe judge also declined to declare the CEL token “not a security,” despite related rulings in the SEC v. Ripp
FTX Contract Deployer Unlocks 192 Million FTT, Exchange Token’s Questionable Tokenomics Highlights Red Flags
FTX Contract Deployer Unlocks 192 Million FTT, Exchange Token’s Questionable Tokenomics Highlights Red Flags Following the collapse of FTX and the exchange filing bankruptcy on N
What To Expect After The Bitcoin Price Crash Below $100,000
Este artículo también está disponible en español. The crypto market faces renewed volatility and uncertainty following the recent Bitcoin price crashbelow the $100,000 ma
Bitcoin Indicator Shows Market Far From Overheating – Details
Este artículo también está disponible en español. Crypto analyst Axel Adler Jr. has provided some insights on the current status of the Bitcoin (BTC) market based on the
Crypto.com expands in South Korea despite increasing regulatory scrutiny
Zoltan Vardai14 hours agoCrypto.com expands in South Korea despite increasing regulatory scrutinyDespite tightening regulatory measures, the exchange has been growing its South Korean presence for years.8378 Total views4
Yuga Labs Officially Releases IP Rights Tied to Cryptopunks, Meebits NFTs — Galaxy Digital Report Criticizes BAYC License
Yuga Labs Officially Releases IP Rights Tied to Cryptopunks, Meebits NFTs — Galaxy Digital Report Criticizes BAYC License Yuga Labs, the company behind the Bored Ape Yacht Club (
Cardano whale verkoopt miljoenen tokens, ADA koers daalt – wat gaat Cardano doen?
Este artículo también está disponible en español. De recente verkoop van miljoenen ADA-tokens door een Cardano-whale heeft de koers stevig doen dalen, met een verlies van
Biggest Movers: BCH Climbs to 1-Week High, DOT Declines
Biggest Movers: BCH Climbs to 1-Week High, DOT Declines Bitcoin cash rose to a one-week high in today’s session, despite crypto markets mostly trading lower. The global cryp