According to court documents, the FTX branch in Japan is planning to be reopened soon. The CEO of FTX, John J. Ray III, has been working on navigating the exchange’s current situation and has spoken to management in Japan and other locations worldwide. Ray has been interacting with Japanese officials who are working on guidance for reopening the exchange and has also made recommendations to Japanese employees.
While it’s unclear exactly when a reopening might occur, progress is being made. FTX Japan reopened customer withdrawals in February, the first subsidiary of the exchange to do so. The deadline for the auction of FTX has also been extended to April 26, possibly due to the potential reopening of the exchange.
Plans to Reopen?
Japan has been proactive in dealing with FTX’s fallout and regulating the crypto market in general. The country has sent warnings to crypto exchanges regarding lack of registration, is working on a yen stablecoin involving major banks, and is seeing a stablecoin running on the “Japan Open Chain.” Additionally, a bill on web3 and the metaverse will be released later this year, and leading corporations will develop a Japan Metaverse Economic Zone.
Court filing details. Source:Kroll
FTX Japan’s reopening could provide some reparation for creditors, and it’s clear that Ray has been making progress with the situation. However, FTX has had troubles in the past, including former officials storing private keys on Amazon Web Services, which Ray recently revealed in a court document.
Overall, the potential reopening of FTX Japan is a positive development in the crypto industry and shows that progress can be made even after a company faces bankruptcy. It also highlights the importance of proactive regulation, as seen in Japan’s efforts to prevent another incident from occurring. As the industry continues to evolve and grow, it will be crucial for regulators and companies to work together to ensure a safe and stable market for all involved.
