Japan's FSA asks FTX Japan to suspend operations

by dapp_writer005

3 years ago

In order to protect the interests of investing users and creditors, the FSA Japan team requested that the FTX Japan branch stop all derivatives transactions for the time being.

These measures were taken after the decision of the parent company to suspend the withdrawal of funds without any explanation. Nowadays, users will not be able to open new deposits. Also, the financial services agency banned the FTX exchange from conducting over-the-counter derivatives transactions.

We have learned that FTX Trading Limited has credit uncertainty. Therefore, we will try to do everything possible so that there are no situations due to which creditors and investors may suffer from the outflow of assets to affiliated firms. FSA

In the period from 11/10/2022 to 12/9/2022, all exchange operations will stop. Only the FSA can restore them ahead of schedule. The assets of the exchange must be inside the country, and before November 16, 2022, FTX must provide the FSA with a project in which investor protection is spelled out. In addition, FTX developers must ensure transparency of the current affairs of the organization.

The creator of the TRON Foundation, Justin Sun, said that this situation with FTX is bad for both the development of the industry and investors.

Rewards

More rewards

Discover enhanced rewards on our social media.

Other news

Senator Warren Raises Alarms Over xAI's Pentagon Access

Senator Elizabeth Warren raises concerns over xAI's access to Pentagon's classified networks due to security risks associated with the Grok chatbot.

Leo van der Veen17 minutes ago

Oil Prices Surge Amid Geopolitical Tensions from Iran Conflict

Oil prices have surged due to supply concerns from the Iran conflict, with predictions indicating further increases.

Li Weichengan hour ago

Urea Supply Chains Disrupted by Strait of Hormuz Closure Amid Iran Conflict

The ongoing conflict in Iran has led to the effective closure of the Strait of Hormuz, significantly disrupting the supply chains for nitrogen-based fertilizers, particularly urea.

Aisha Farooqan hour ago

Lawmakers Express Alarm Over Corruption Risks in Prediction Markets

Lawmakers express concerns about corruption risks in prediction markets linked to government actions.

Diego Alvarezan hour ago

BNB Chain Emerges as a Leader in Real-World Asset Tokenization

BNB Chain has rapidly grown as a prominent platform for real-world asset (RWA) tokenization, achieving significant milestones in asset value and user engagement.