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FTX Confirms Plans to Restart Japanese Exchange and Postpones Sale Process

Cointime Official

April 28 (Cointime) - Cryptocurrency exchange FTX has announced plans to restart its Japanese exchange, according to a statement shared by FTX shareholders.

FTX Japan holds two coveted licenses in Japan, including the Crypto-Asset Exchange Service Provider and Type I Financial Instruments Business Operator, which typically take two or more years to obtain.

"The potential sale process has been postponed to allow the exchange to be in a position to restart the business with regulatory approval, which would maximize the value attainable in a Transaction", reads the document.

The Japanese exchange will now introduce a "License & Restart Award" Key Employee Incentive Program (KEIP) to incentivize seven critical employees who have the institutional knowledge, specialized skillsets, and critical relationships with regulators necessary to maximize the going concern value of the company or to restart the exchange. The KEIP offers eligible employees the opportunity to receive two payments of $450,000 each, provided that certain conditions are met. These conditions include the company retaining its licenses, resuming operations, or being sold in the future.

The statement also noted that several investors have expressed interest in purchasing the company. FTX is also considering a potential restructuring to ensure the company continues to operate efficiently and profitably.

FTX Crypto FTX Japan
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