Bankrupt FTX Extends Bid Deadlines for Japan, Europe Units
- Administrators seeking to raise funds to pay back creditors
- Japanese entity is expected to start returning customer assets
The bankrupt FTX group of cryptocurrency companies extended the deadlines to bid for its Japan and Europe businesses as administrators strive to raise funds to help pay back creditors.
The preliminary bid deadline is now March 8 and the auction date becomes April 26, according to a court filing on Wednesday.
Administrators in December put several FTX units on the auction block, including LedgerX, the Japanese and Singaporean crypto exchanges, and the European digital assets and derivatives business.
The Japanese operation segregated client funds and is expected to return the assets to customers starting this month. The unit won’t lose its licenses even if its owner changes, Japan’s Financial Services Agency said last month.
The US has accused the discredited former crypto mogul Sam Bankman-Fried of presiding over one of the biggest frauds at the helm of the FTX exchange, which slid into Chapter 11 bankruptcy in November. He faces trial after pleading not guilty to criminal charges.
Some of the FTX businesses have in aggregate attracted interest from more than 100 parties, earlier filings showed. Monex Group Inc., a Tokyo-based online brokerage, has expressed interest in FTX Japan.
The sale proposals require bankruptcy court approval.
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