Japan's Financial Services Agency Orders FTX's Local Unit to Suspend Operation

Japan's Financial Services Agency has ordered FTX's local unit to suspend operation. The regulator wants FTX Japan to halt the crypto asset exchange business and stop accepting new customers until Dec. 9, 2022 effective immediately, the order said.

In addition, the FSA's suspension order is accompanied by a "business improvement order" which requires FTX Japan to accurately identify users, strive to protect users' assets and "appropriately disseminate information to users regarding the protection of their assets."

FTX Japan is also required to submit a "written business improvement plan" for fixing the cited issues by Nov. 16, 2022.