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Japan's FSA asks FTX Japan to suspend operations

Japan's FSA asks FTX Japan to suspend operations

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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.

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