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FTX Japan To Put Into Close-only Mode

Following a formal order to cease operations issued earlier in the day by Japan’s Financial Services Agency, FTX Japan announced it is entering “close-only” mode, meaning customers would only be able to cancel out current positions but not establish new ones.

FTX Japan To Put Into Close-only Mode 2

FTX announced its plans on Twitter to FTX Japan as an independent platform (similar to FTX US).

In its order, the FSA refers to the fact that FTX Japan has stopped allowing withdrawals for local customers while continuing to sign up new ones without providing a date for reinstatement.

The FTX spiral is still serious, as Sam Bankman-Fried has intended to file for bankruptcy.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.