Bidders have been given more time to register their interest in the crypto exchange ftx‘S Japani Hand, FTX Japan.
Japanese media outlets coinpost The report states that a bankruptcy court in the United States has pushed back the bidding date for the exchange from March 15 to April 19.
An auction for the Japanese trading platform will now be held on April 26, with the court expected to complete the sale by early May.
The court was earlier expected to make a decision on the sale on March 27.
As the bankruptcy proceedings continue, FTX has been permitted to sell its foreign assets to raise funds. But as creditors are keen to maximize repayment, they have agreed that extending the deadline would be beneficial – and “sell the business on better terms”.
The media outlet noted that, as of last month, 41 companies had registered an interest in acquiring FTX Japan.
Who Will Buy FTX Japan?
Potential buyers Domestic securities giant Monex Group is involved, The group bought the Coincheck crypto exchange in early 2018 after it suffered a crippling hack.
In a recent interview, the CEO of Monex expressed “moderate interest” in FTX Japan. He suggested that the domestic exchange scene could benefit from a reduction in competition. But this interest has not yet materialized in the form of a public bid for the FTX subsidiary.
If FTX Japan is sold to a domestic player, it will be a blow to the international market – which will lose some of its foothold in East Asia. FTX was able to enter Japan when it helped bail out Liquid, a platform operated by Coin, in April 2022.
FTX provided a $120 million emergency loan to the firm, with a full acquisition later.
This allowed FTX to obtain an official operating license for Liquid.
But clients of FTX Japan can still find themselves protected from the consequences of FTX’s bankruptcy.
Japanese licensing laws stipulate that customer assets are kept separate from exchange funds – in carefully monitored wallets.
While the bankruptcy proceedings of FTX saw all customer wallets on FTX Japan frozen last yearJapanese subsidiary says it is waiting for the green light to be given Resume withdrawal through another platform,
Bitcoin Crypto Related Post