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FTX Japan sued by local finance bureau in Kanto, 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 nothi…

FTX Japan sued by local finance bureau in Kanto, 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:


FTX Japan, a cryptocurrency exchange based in Japan, has been sued by the local finance bureau of Kanto, Japan. The bureau alleges that FTX Japan has failed to disclose the true location of its assets and is demanding that the assets be retained in Japan.

The administrative lawsuit claims 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. The bureau has demanded that FTX Japan retain its assets in Japan from March 10, 2023, to June 9, 2023. This means that FTX Japan will not be able to move its assets outside Japan during this period.

The move by the Kanto finance bureau is part of its efforts to prevent money laundering and illegal activities related to cryptocurrency trading. The bureau believes that cryptocurrency exchanges such as FTX Japan should be transparent in their dealings and fully disclose the location of their assets to prevent any potential misuse.

The administrative lawsuit against FTX Japan is a significant development in the cryptocurrency world, as it may set a precedent for other countries to follow. It is possible that other countries may also demand that cryptocurrency exchanges disclose the location of their assets and restrict their operations to prevent the misuse of digital currencies.

FTX Japan has made no official statement regarding the lawsuit. However, the company is likely to argue that it has taken all necessary measures to ensure the safety and transparency of its operations. It is also possible that FTX Japan may argue that the administrative lawsuit is an attempt by the Kanto finance bureau to gain control over the cryptocurrency market in Japan.

In conclusion, the administrative lawsuit against FTX Japan by the Kanto finance bureau is a significant development in the cryptocurrency landscape. It highlights the need for transparency and accountability in the cryptocurrency market and may set a precedent for other countries to follow in their efforts to prevent money laundering and illegal activities.

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