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FTX [Japan] set to reopen, cancels auction

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Reports reaching us are that FTX Japan canceled its scheduled auction and set its sights on relaunching. 

Twitter user @FTXCredittor, who claims to be an FTX Creditor, revealed some pages of a disclosure document and stated that the reason for FTX Japan’s cancellation of the auction was that it planned to restart.

 

 

 

Over the past couple of months, there have been several developments relating to the sale, with online brokerage Monex among those in the running.

CEO of FTX Japan, John Ray III, who currently handles how the firm navigates through its current situation, has had several interactions with the management in Japan and across other locations. According to the tweet, court documents show that CEO John J. Ray III has spoken with officials in Japan regarding various matters.

The decision to possibly reopen may come from Ray’s several interactions with related parties in Japan regarding the status of FTX Japan. An auction to sell the exchange has also been in the news.

The court filing reveals that the relevant Japanese officials have been working on the guidance concerning reopening the exchange. Ray has also spoken to and made recommendations to Japanese employees.

Although it remains uncertain whether and when such a reopening will happen, it’s clear that Ray has been making progress with the situation, and creditors will hope they will see some reparation.

FTX Japan has also been making progress regarding other developments. In February, it reopened customer withdrawals, the first subsidiary of the exchange to do so.

The Kanto Local Finance Bureau in Japan has issued an administrative sanction against FTX Japan. This action was taken in accordance with Article 56 3 of the Financial Instruments and Exchange Act of Japan.

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.

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