FTX Japan, the Japanese unit of bankrupt cryptocurrency exchange FTX, may be preparing to reopen after CEO John J. Ray III spoke with officials in Japan regarding the status of the exchange. The decision to possibly reopen comes after an auction to sell the exchange was extended to April 26. The court filing reveals that relevant Japanese officials have been working on guidance concerning the reopening of the exchange, and Ray has made recommendations to Japanese employees. FTX Japan has already allowed customer withdrawals, and Japan has taken steps to regulate the crypto market, including warnings to crypto exchanges regarding registration and the development of a yen stablecoin.

(By Rahul Nambiampurath)