Japan’s top financial regulator, the Financial Services Agency , has issued a business suspension order to FTX Japan, the Japanese subsidiary of FTX.com. The financial watchdog has also ordered the crypto exchange to submit a business improvement plan by Nov. 16.Japan’s Financial Services Agency announced Thursday that the Kanto Local Finance Bureau has taken action against FTX Japan, the Japanese subsidiary of Sam Bankman-Fried’s embattled crypto exchange FTX.com.
The FSA announcement explains that FTX Japan’s decision to halt customer withdrawals without specifying a schedule for resumption, while acceptance of investors’ assets and crypto transactions continue, means the exchange does not have the necessary structure to provide crypto exchange services in a manner deemed appropriate under the Japanese standards.
Responding to the business suspension order, FTX Japan informed its users Thursday that during the suspension period, services relating to new account opening, spot trading, fiat currency deposits, incoming crypto transfers, and derivatives transactions are halted.
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