Bankrupt cryptocurrency exchange FTX has postponed the potential sale process of its Japanese subsidiary, saying it is considering reopening.
The management of the bankrupt company canceled the sales plan to maximize its value in order to continue an efficient and profitable business, although many investors had expressed interest in acquiring FTX Japan. said he did.
FTX Japan owns the coveted license
According to information on April 26 filingFTX Japan is one of the few license operators in Japan.
The exchange owns two of the country’s most coveted licenses. A crypto asset exchange service provider and a type 1 financial instruments business operator based on the Payment Services Act and the Financial Instruments and Exchange Act.
The application notes that it usually takes two years or more to obtain these licenses, which is one of the reasons for the interest of investors.
In addition to that, the filing noted that FTX “cannot legally operate a spot and derivatives crypto exchange in Japan” without those licenses. is.
FTX Japan KEIP
Meanwhile, FTX wants the court to approve a Key Employee Incentive Plan (KEIP) for seven key employees for its Japanese subsidiary.
“KEIP participants will have the institutional knowledge, professional skill sets, and critical relationships with regulators and company employees necessary to maximize the ongoing value of the company and resume the exchange of debtors.” I have.
Those employees include a chief operating officer, chief product officer, chief financial officer, chief operations officer, chief compliance and risk officer, data scientists and front-end engineers, according to the filing.
Under the plan, these employees could obtain up to two payments under certain conditions, including if the company maintains its license and resumes operations or eventually sells. increase.
Meanwhile, each of these employees’ payments are limited to $450,000.
A post confirming FTX plans to reopen its Japanese exchange first appeared on CryptoSlate.
