Sunday, March 3, 2024

FTX Launched In Japan As Country Tightens Regulation

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FTX Launched in Japan as the country tightens the regulations and other companies remain unfazed by the bear market and continue their expansion so let’s have a closer look at today’s latest crypto news.

Some companies did remain unfazed by the bear market but most faced staff layoffs. The world’s second-biggest exchange by tradign volume is in expansion mode and many others felt the pinch as the crypto winter enhances. However, FTX announced that it will be launching an exchange in Japan to service the Japanese traders and investors, supporting fast deposits and withdrawals for the Japanese yen. FTX launched in Japan as a licensed platform and service provider that has a Type 1 Financial Instruments Busienss license.

Sam Bankman Fried is serving as an interim CEO of The exchange in Japan after the company acquired Liquid Group Inc, earlier this year:

“The acquisition not only gives us a technological advantage, but also allows us to work directly with Japanese regulators in a transparent, constructive and positive manner.”

FTX US Launched Stock, stablecoin

He added that Japan is a highly regulated market with a potential crypto tradign market of up to $1 trillion in size. The company plans to offer derivatives like perpetual contracts:

“We look forward to further revolutionizing the Japanese digital asset ecosystem through FTX Japan.”

Earlier this week it was reported that the FTX.US is in discussion with Goldman Sachs over derivatives product integration.

As recently reported, Coinbase reported a huge spike in trade volumes last month but failed to surpass the ATH that was seen during the sell-off in May 2021 when the China crackdown on BTC happened. Bitcoin and Ethereum lost 30% and 40% of their value with major exchanges experiencing technical issues and high trading activity. The issues included intermittent downtime on Coinbase, Binance halting ETH-related token withdrawals, and Kraken reporting user connectivity issues.

Another reason for the move in market structure is the continued volatility of the Tether USDT stablecoin. USDT briefly de-pegged from the dollar and traded at a persistent discount to the USD since May which forced a divergence in the markets of an average of $40 in the past two weeks.

FTX US launched stock trading and will allow users to fund their accounts with USDC. The customers will be able to buy stocks and ETFs in the crypto app. The offering is being rolled out to select customers from a waitlist and the exchange even announced that customers can trade stocks and ETFs and making it the first native exchange to offer equities on the platform.

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