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Kanto’s finance bureau demands FTX Japan to retain assets in Japan

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It is reported that the local finance bureau of Kanto, Japan, filed an administrative lawsuit against FTX Japan, saying that the assets of FTX Japan have nothin

Kanto’s finance bureau demands FTX Japan to retain assets in Japan

It is reported that the local finance bureau of Kanto, Japan, filed an administrative lawsuit against FTX Japan, saying that the assets of FTX Japan have nothing to do with overseas, and should continue to take all possible measures to prevent such information disclosure, requiring FTX Japan to retain the assets in Japan from March 10, 2023 to June 9, 2023.

The Japanese financial regulator ordered FTX Japan to retain assets in Japan before June 9

Analysis based on this information:


The local finance bureau of Kanto, Japan, recently filed an administrative lawsuit against FTX Japan to keep their assets in Japan. The bureau argued that FTX Japan’s assets have nothing to do with overseas, and the company should take all necessary measures to prevent any information disclosure. Therefore, it is required that FTX Japan retains its assets in Japan from March 10, 2023, to June 9, 2023.

This administrative lawsuit highlights Japan’s stringent regulations concerning the cryptocurrency sector, despite its welcoming outlook on digital currency. While Kanto finance bureau did not provide any reasons for why FTX Japan was targeted, it is most likely that the bureau was concerned over the stability of the cryptocurrency sector in Japan, particularly regarding FTX’s position.

The lawsuit follows a similar approach taken by other regulatory bodies in Japan. Over the years, Japan has put in place measures to ensure that cryptocurrency exchanges comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. The aim is to prevent crypto-exchanges from becoming channels for illegal activities, such as money laundering or terrorism financing.

FTX Japan, a wholly-owned subsidiary of FTX Exchange, one of the world’s leading cryptocurrency exchanges, was launched in 2019 after obtaining a trading license from Japan’s regulatory agency. However, the platform suffered a setback in September 2021 when BitMEX, another cryptocurrency exchange, announced it was leaving the Japanese market, prompting fears that FTX would follow suit.

In conclusion, the recent administrative lawsuit against FTX Japan by the Kanto finance bureau is an indication that Japan is keeping a close eye on cryptocurrency exchanges. It underlines the government’s stringent regulations on the cryptocurrency sector, especially in light of concerns over money laundering and terrorism financing. Japan is taking measures to ensure that cryptocurrency exchanges operate within the boundaries of the law, improving market confidence and safety for crypto-investors.

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