FTX Japan may be preparing to reopen after its auction dates have been extended.CEO John J. Ray III has spoken with Japanese officials on various issues, according to court documents.
FTX Japan May ‘Reopen’ Exchange As Auction Deadline Looms
The decision on a possible reopening was made after Ray discussed the situation at FTX Japan with multiple parties in Japan. An auction to sell the exchange was also in the news. There have been some developments in recent months regarding this sale, with online brokerage Monex among those in the running.
As it stands, the auction deadline has been extended to April 26th, possibly due to the reopening of the exchange. Court filings show relevant Japanese officials are working on guidance for the reopening of exchanges. Ray also spoke with the Japanese employees and gave them recommendations.
Ray has been working hard to fix the FTX issues. He recently filed court documents showing that a former FTX executive had private keys stored on Amazon Web Services. It is not yet known if or when such a restart will occur. However, it’s clear Ray has improved the situation, and creditors want redemption.
FTX Japan has made progress in other developments as well. In February, it became the first subsidiary to resume customer withdrawals. Japan is very proactive when it comes to handling FTX cases and regulation in general. Authorities are eager to prevent another incident and have since taken a number of steps to prevent damage.
Measures taken by Japan to regulate the cryptocurrency market include sending unregistered alerts to cryptocurrency exchanges. The country is also working on a Yen stablecoin with several major banks involved. Another attempt is to see stablecoins running on the “Japan Open Chain”. In addition to regulating stablecoins, the country also has an interest in Web3 and Metaverse, with legislation to be issued later this year. Leading domestic companies will develop the Japan Metaverse economic zone.
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