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.
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Annie
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