News

FTX Japan’s Domestic Withholding Order Extended: Regulator Cracks Down

The Kanto Local Finance Bureau in Japan has issued an administrative sanction against FTX Japan. The regulator had previously issued an order to withhold domestic assets on FTX Japan, which was set to expire on March 9th of this year.

This action was taken in accordance with Article 56 3 of the Financial Instruments and Exchange Act of Japan.

The parent company of FTX Japan, FTX Trading Limited, is currently under proceedings in the US under Chapter 11 of the federal bankruptcy law. The order against FTX Japan will now be extended until June 9th.

The financial regulator’s action against FTX Japan comes amidst growing concern about the regulation of cryptocurrency exchanges around the world. Japan is known for having some of the strictest regulations for cryptocurrency exchanges in the world, and this action is in line with that reputation.

The Kanto Local Finance Bureau has not released any details about the specific reason for the administrative sanction against FTX Japan. However, the regulator is likely concerned about the company’s compliance with the country’s regulations regarding cryptocurrency exchanges.

This is not the first time that FTX has come under regulatory scrutiny. In 2020, the company was fined by the US Commodity Futures Trading Commission for offering illegal commodity futures transactions.

FTX is a relatively new player in the cryptocurrency exchange space, having been founded in 2019. However, the company has quickly risen to become one of the most popular exchanges in the world, with a reported trading volume of over $300 billion in January of this year.

The extended order against FTX Japan will likely significantly impact the company’s operations in Japan. However, it is not yet clear how much of an impact it will have on the company’s overall business. FTX Trading Limited, the parent company of FTX Japan, is still operating despite its Chapter 11 proceedings in the US.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

22 minutes ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

50 minutes ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

2 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

2 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

2 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

3 hours ago

This website uses cookies.