FTX Postponing The Sale Of FTX Japan During The Reboot Process

Key Points:

• FTX Japan has postponed its resale plan in a recent development.
• FTX Trading, the headquarters of the major crypto exchange that went bankrupt in 2022, is now rebuilding.
• The branch in Japan has returned 80% of fiat currency, such as Japanese yen and virtual currency, to customers.

According to Nikkei News, FTX Trading, a major crypto asset exchange that went bankrupt in 2022, is undergoing reconstruction and plans to postpone the sale of its subsidiary FTX Japan in Chiyoda, Tokyo. The company is said to have communicated its intentions to the Japan Financial Services Agency through FTX Japan.

If the trading system used by the predecessor QUOINE (coin) of Japan FTX works well, the Japan Financial Services Agency could allow the Japanese company to resume operations before the end of the year.

On the other hand, FTX Japan’s customer asset return process, launched in February, is progressing smoothly. FTX Japan has returned 80% of fiat currency, such as Japanese yen and virtual currency, to customers.

Of all the subsidiaries of the 2nd largest crypto empire in the market, only FTX Japan has not been severely affected by its strict adherence to Japanese exchange and reserve regulations.

At the end of June, the new CEO of FTX, John J. Ray III, said that the company had begun attracting interested parties to reopen the crypto exchange FTX.com.

Many people appreciate the FTX platform on a technological level, so it makes sense to attempt to reopen the exchange. The only big obstacle is the huge debt owed to creditors, of which former customers are only a part. Some customers have refused to accept only partial refunds. They could start a new legal proceeding that could delay reopening plans quite a bit.

However, if they can work around this by convincing former customers to accept only partial refunds, they may be able to reopen.

Failed crypto exchange FTX said it would launch a portal “in the next few weeks” for customers owed to global crypto trading platform FTX.com and its affiliates to state their requirements. The exchange has stated this on claims.ftx.com, where the portal will be hosted.

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