Crypto Exchange FTX Japan Gets 1-Month Suspension Order

Tokyo, Nov. 11 (Jiji Press)--The Japanese government has ordered cryptocurrency exchange FTX Japan K.K. to halt business operations for one month from Thursday.

The Kanto Local Finance Bureau issued the order to the Japanese arm of beleaguered cryptocurrency exchange FTX Trading Ltd., based on the payment services law and the financial instruments and exchange law.

The order, which runs until Dec. 9, covers operations related to cryptocurrency exchange and accepting assets from new clients.

The Tokyo-based company accepted deposits while freezing withdrawals of deposited assets, without giving users adequate explanations, according to the regional bureau of the Finance Ministry.

The bureau also issued a business improvement order that the company accurately track deposited assets and protect users.

[Copyright The Jiji Press, Ltd.]