FTX Japan To Put Into Close-only Mode

1 mins mins

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

We are following the guidance of the JFSA and will be putting https://t.co/XblZK9n7s1 into close-only mode @FTX_JP is a separate entity that strictly follows the Japanese regulation on asset segregation https://t.co/q3bYGEuNIw
— FTX (@FTX_Official) November 10, 2022

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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