FTT Stopped Trading On All Exchanges In Indonesia

Indonesia said in a statement that it has asked local cryptocurrency exchanges to stop supporting FTX Exchange Token (FTT) trading after FTX filed for bankruptcy in the United States.

According to Reuters, Indonesia’s commodity futures trading regulator said in a statement on Thursday that since FTX filed for bankruptcy in the United States, the agency has ordered trading platforms to Indonesia’s domestic cryptocurrency stops trading FTX tokens. The order was issued on November 14.

And thanks to the growing national love for online speculative trading, cryptocurrency is extremely popular in Indonesia, making it one of the most dynamic markets in the world.

In Indonesia, the use of cryptocurrencies as currency for payments is prohibited under both local regulations and Islamic law – which applies to about 87% of the country’s 273 million population. However, crypto assets are classified as domestic commodities, which fall into the same category as things like grain or gold.

That is why it is important to limit the risk of FTX’s collapse to the lowest level for users.

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