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FTX Japan Granted Three-Month Extension To Suspend Operations

Regulators granted FTX Japan, the Japanese arm of the defunct cryptocurrency exchange FTX, permission to extend the deadline for the suspension of its operations by three months.

According to Reuters, the Kanto Local Finance Bureau of the Japanese Ministry of Finance has extended the initial request for FTX Japan to suspend operations until March 9, 2023.

Regulators gave FTX Japan permission to extend the deadline for the suspension of its operations by three months. The failure of FTX Japan to release assets from custody to creditors is the main reason for the deadline extension.

The extension was discussed by FTX Japan in a blog post. Following the plan it submitted to the Kanto Local Finance Bureau in mid-November, the exchange stated that it is implementing improvements to its business.

The failure of FTX Japan to release assets from custody to creditors is the main reason for the deadline extension. In a statement on December 1, the exchange stated that its “primary focus has been on re-enabling withdrawals for both crypto and fiat assets that are under custody.”

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