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FTX Japan Could ‘Reopen’ Exchange As Auction Deadline Looms

2 mins
Updated by Kyle Baird
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In Brief

  • FTX Japan could potentially reopen, according to court documents published on April 10.
  • CEO John J. Ray III has been in touch with several parties in Japan.
  • The FTX collapse has accelerated crypto regulation efforts in Japan.
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FTX Japan may be preparing to reopen after an auction date was extended. Court documents show that CEO John J. Ray III has spoken with officials in Japan regarding various matters.

Bankrupt cryptocurrency exchange FTX could see its Japanese unit reopen, according to court documents.

FTX Japan CEO John J. Ray III, who is handling how the exchange navigates its current predicament, has interacted with management in Japan and other locations worldwide.

Possible Plans to Reopen the Exchange?

The decision to possibly reopen comes after Ray has spoken to several parties in Japan regarding the status of FTX Japan. An auction to sell the exchange has also been in the news. Over the past few months, there have been multiple developments regarding this sale, with online brokerage Monex among those in the running.

As it stands, the deadline for the auction was extended to April 26, and perhaps the reason for this was the reopening of the exchange.

FTX Japan might be planning to reopen the crypto exchange, per details from CEO John J. Ray III's court filing: Kroll
Details from the Court Filing: Kroll

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.

Ray has been working hard to steer FTX through its troubles. He recently filed a court document that revealed that former FTX officials stored private keys on Amazon Web Services.

It’s still unclear precisely if and when such a reopening will occur. However, it’s clear that Ray has been making progress with the situation, and creditors will hope they will see some reparation.

FTX Japan Has Already Allowed Customer Withdrawals

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.

Japan has been one of the most proactive when it comes to dealing with the FTX fallout and regulation in general. Officials are keen to prevent another incident from occurring and have since taken many steps to prevent damage.

Japan’s Crypto Regulation Shaping Up

Among the steps that Japan has taken to regulate the crypto market is sending warnings to crypto exchanges regarding a lack of registration. The country is also working on a yen stablecoin that involves some major banks. Another effort involves seeing a stablecoin running on the “Japan Open Chain.”

Besides stablecoin regulation, a bill that will be released later this year, the country is also keen on web3 and the metaverse. The country’s leading corporations will develop a Japan Metaverse Economic Zone.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance...
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