Sam Bankman-Fried‘s bankrupt digital asset exchange japan handleFTX bankruptcy filing to local customers cryptocurrencies examines whether it will affect his ability to return.
FTX Japan Explores Whether Local Customers Can Get Their Cryptocurrency Back
A spokesperson for the company said that FTX Japan KK is in talks with lawyers about the effects of the collapse of its parent company and plans to make an announcement when the situation becomes clear.
The country’s financial watchdog last week ordered FTX Japan to suspend some of its operations, while also demanding that customers ensure the safety of their assets.
The sudden collapse of Bankman-Fried’s crypto empire shocked the markets, raising questions about the appropriateness of current crypto regulations.
Japanese authorities have been trying to loosen the rules regulating the crypto industry in an attempt to spur the pursuit of economic growth.
FTX Japan. Today it joins other exchanges around the world trying to boost investor confidence by sharing snapshots of their holdings and reserves.
In a recent tweet, Crypto.com CEO Kris Marszalek urged the industry to show a full and collective commitment to transparency and the safety and security of users and funds.
According to the statement, FTX Japan had cash deposits of approximately 19.6 billion yen ($140 million) as of November 10. It was also stated that at the end of September, he had a net worth of around 10 billion yen. The company suspended customer withdrawals.
Nearly 130 more subsidiaries have filed for bankruptcy, including Bankman-Fried’s crypto trading firm Alameda Research and the company’s US subsidiary, FTX.us.
*Not investment advice.
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