Japan’s financial regulator has checked with local digital assets exchanges about whether the failure of Sam Bankman-Fried’s crypto empire has had any impact on their businesses, according to an official.
(Bloomberg) — Japan’s financial regulator has checked with local digital assets exchanges about whether the failure of Sam Bankman-Fried’s crypto empire has had any impact on their businesses, according to an official.
The Financial Services Agency is studying the extent of exposure the Japanese industry has to FTX, which filed for bankruptcy last week, the official said, declining to be named in line with the agency’s policy. At this time, the watchdog sees minimal impact on domestic crypto exchanges, the person said.
The fall of FTX, once perceived as among the most dependable names in the sector, has sparked fresh concerns over the loosely regulated nature of crypto companies and what guardrails are in place to safely oversee clients’ assets.
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