Regulator Halts Trading of FTX Tokens in Indonesia – The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has asked digital asset exchanges to cease trading the FTX token, commonly known as FTT. Monday, November 14, according to a statement quoted by Reuters, the order has been in effect. The move comes after FTX and linked firms filed for Chapter 11 bankruptcy protection in the United States on November 11.
The court proceedings initiated by the exchange resulted in “a massive withdrawal and the price of the FTX token continued to drop dramatically,” noted the acting head of Bappebti, Didid Noordiatmoko, quoted by Antara news agency. The FTX token is among 383 crypto assets mentioned in regulation issued by Bappebti earlier this year, CNN Indonesia pointed out in a report. The document establishes a “List of Crypto Assets Traded on the Physical Crypto Asset Market.” Didid further noted that the regulator conducts stringent oversight of the organizations supporting the trading of FTT.
The executive advised all of these cryptocurrency platforms to watch and study the token’s development and to ensure customer safety. It was traded on numerous exchanges registered with Bappebti. In January of this year, FTX was valued at $32 billion and was one of the world’s top crypto trading platforms. Its recent failure prompted investigations by regulators in the United States, the Bahamas, Japan, and Turkey, and the suspension of its licenses from Cyprus to Australia.
In Indonesia, FTT contributed for less than 0.04% of the entire value of crypto transactions between January and October 2022. Bappebti plans to review the complete list of registered crypto assets being traded in Indonesia in light of the present situation with the token. As part of a planned tightening of crypto rules, the Jakarta government stated last week that it intends to shift oversight of cryptocurrencies to the Financial Services Authority of Indonesia.
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