1 year ago
The bureau overseeing Indonesia’s crypto marketplace has stopped the trading of FTX tokens connected home platforms. The announcement comes aft FTX, the speech that issued the FTT token, filed for bankruptcy successful the United States and was subjected to investigations by regulatory bodies astir the world.
Indonesian Authority Orders Crypto Exchanges to Discontinue FTX Token Trading
Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has instructed integer plus exchanges successful the state to halt trading the FTX token, besides known by its ticker FTT. According to a connection cited by Reuters, the bid is successful unit since Monday, Nov. 14.
The determination follows the filing for Chapter 11 bankruptcy extortion connected behalf of FTX and affiliated entities successful the U.S. connected Nov. 11. The tribunal proceedings initiated by the speech resulted successful “a monolithic withdrawal and the terms of the FTX token continued to drop dramatically,” noted the acting caput of Bappebti, Didid Noordiatmoko, quoted by Antara quality agency.
The FTX token is among 383 crypto assets mentioned successful regularisation issued by Bappebti earlier this year, CNN Indonesia pointed retired successful a report. The papers establishes a “List of Crypto Assets Traded connected the Physical Crypto Asset Market.”
The regulator carries retired adjacent supervision of the entities facilitating the trading of FTT, Didid besides emphasized. The enforcement urged each these crypto platforms to show and analyse the developments with the token and guarantee lawsuit protection. Several exchanges registered with Bappebti were trading it.
In January of this year, FTX had a valuation of $32 billion and was among the largest crypto trading platforms connected a planetary scale. Its caller illness triggered investigations into the failed speech by regulators successful the U.S., the Bahamas, Japan, and Turkey and the suspension of its licenses, from Cyprus to Australia.
Between January and October 2022, FTT accounted for little than 0.04% of the full crypto transaction worth successful Indonesia. However, amid the existent concern with the token, Bappebti intends to reappraisal the afloat database of registered crypto assets that are being traded successful Indonesia. Last week, the authorities successful Jakarta indicated it wants to transportation crypto supervision to the country’s Financial Services Authority (OJK) arsenic portion of a planned tightening of crypto regulations.
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Do you expect regulators successful different countries to instrumentality akin measures regarding the FTX speech and FTT tokens? Tell america successful the comments conception below.
Lubomir Tassev
Lubomir Tassev is simply a writer from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, alternatively than what I do.” Besides crypto, blockchain and fintech, planetary authorities and economics are 2 different sources of inspiration.
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