FTX Japan exchange to restart after suspension of sale plan

04/28/2023 00:12 • Blockchain Briefs • 84 views

On April 28th, it was reported that Twitter user @ AFTXcredit, who claims to be a FTX creditor, cited disclosure documents on Twitter and stated that FTX has confirmed plans to restart its Japanese exchange. Although some investors are interested in bidding for the company, the sale plan has been suspended in order to maximize value. FTX Japan has also proposed a core employee incentive plan called the “License and Restart Award”.

FTX Japan confirmed plan to restart and the sale process has been postponed

Background

FTX is a cryptocurrency derivatives exchange founded by Sam Bankman-Fried and Gary Wang in 2019. The company has expanded rapidly and is now the fourth-largest derivatives exchange in the world. FTX Japan, the company’s Japanese arm, was launched in 2019 with a focus on the Japanese market. However, it was suspended in late 2020 due to regulatory concerns.

Restarting FTX Japan

According to disclosure documents cited by @ AFTXcredit, FTX has confirmed plans to restart its Japanese exchange. This is welcome news for Japanese cryptocurrency traders, who have been without a major exchange since FTX Japan’s suspension. It is not yet clear when the exchange will reopen, but it is likely to be soon.
The decision to restart FTX Japan comes after the company suspended plans to sell the unit. Although some investors were interested in bidding for the company, FTX has decided to maximize the value of the unit by restarting the exchange instead.

The License and Restart Award

In addition to restarting the exchange, FTX Japan has proposed a core employee incentive plan called the “License and Restart Award”. The plan offers employees who obtain the necessary licenses to operate the exchange a bonus of up to 50% of their annual salary.
The incentive plan shows FTX’s commitment to the Japanese market. By encouraging employees to obtain the necessary licenses, the company is ensuring that the exchange will be properly operated and regulated.

Conclusion

The restart of FTX Japan is a positive development for the Japanese cryptocurrency market. It will provide traders with a much-needed option and will help to further legitimize the industry in Japan. The “License and Restart Award” is also a smart move by FTX Japan, as it will ensure that the exchange is properly regulated and operated.

FAQs:

1. Why was FTX Japan suspended in late 2020?
FTX Japan was suspended in late 2020 due to regulatory concerns.
2. When will FTX Japan reopen?
It is not yet clear when FTX Japan will reopen, but it is likely to be soon.
3. What is the “License and Restart Award”?
The “License and Restart Award” is a core employee incentive plan proposed by FTX Japan. It offers employees who obtain the necessary licenses to operate the exchange a bonus of up to 50% of their annual salary.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/04/28/ftx-japan-exchange-to-restart-after-suspension-of-sale-plan/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.