FTX, a cryptocurrency exchange that is currently bankrupt, recently made an announcement stating that it has decided to delay the sale of its Japanese subsidiary.
This decision has been made in order to explore the possibility of reopening the subsidiary.
FTX Japan is one of the few licensed cryptocurrency operators in Japan and possesses two crucial licenses to operate, which allow it to exchange crypto assets.
These licenses are highly coveted and typically take more than two years to obtain, making the project an attractive investment opportunity for many.
The official statement emphasizes that without these licenses, FTX will not be legally permitted to operate spot and derivatives crypto exchanges in Japan.
The new management of FTX has requested court approval to implement a plan that will reward key employees of the Japanese subsidiary, including the COO, CPO, CFO, and others.
Meanwhile, the Japanese division of the FTX crypto exchange has already resumed withdrawals for its users, beginning in February.
This comes after the exchange initially announced its intention to return funds to users in December, and the withdrawal of assets for local clients was suspended on November 8 due to the collapse of the parent crypto exchange FTX.
In early February, the Japanese division started beta testing the refund process for all of its 35,000 users.