FTX Seeks Approval to Sell Japan Unit

Economy

New York, Dec. 17 (Jiji Press)--Failed U.S. crypto exchange FTX Trading Ltd. said Friday that it has sought court permission for the start of procedures to sell four businesses, including its Japan unit.

The bidding for FTX Japan K.K. is expected to take place in March next year if approved by the federal bankruptcy court in Delaware. The parent firm aims to secure funds to repay creditors.

The four businesses have "solvent balance sheets, independent management and valuable franchises," FTX said.

FTX Japan is subject to business suspension and business improvement orders. "The longer operations are suspended, the greater the risk to the value of the assets and the risk of a permanent revocation of licenses," the parent company said.

Customers of FTX Japan have remained unable to withdraw their assets.

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Jiji Press