{"id":14571,"date":"2022-11-17T19:02:03","date_gmt":"2022-11-17T19:02:03","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/regulator-halts-trading-of-ftx-tokens-in-indonesia-exchanges-bitcoin-news\/"},"modified":"2022-11-17T19:02:03","modified_gmt":"2022-11-17T19:02:03","slug":"regulator-halts-trading-of-ftx-tokens-in-indonesia-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/regulator-halts-trading-of-ftx-tokens-in-indonesia-exchanges-bitcoin-news\/","title":{"rendered":"Regulator Halts Trading of FTX Tokens in Indonesia \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The agency overseeing Indonesia\u2019s crypto market has stopped the trading of FTX tokens on domestic platforms. The announcement comes after FTX, the exchange that issued the FTT token, filed for bankruptcy in the United States and was subjected to investigations by regulatory bodies around the world. <\/strong><\/p>\n

Indonesian Authority Orders Crypto Exchanges to Discontinue FTX Token Trading<\/h2>\n

Indonesia\u2019s Commodity Futures Trading Regulatory Agency (Bappebti) has instructed digital asset exchanges in the country to stop trading the FTX token, also known by its ticker FTT<\/a>. According to a statement cited by Reuters, the order is in force since Monday, Nov. 14.<\/p>\n

The move follows the filing<\/a> for Chapter 11 bankruptcy protection on behalf of FTX and affiliated entities in the U.S. on Nov. 11. The court proceedings initiated by the exchange resulted in \u201ca massive withdrawal and the price of the FTX token continued to drop<\/a> dramatically,\u201d noted the acting head of Bappebti, Didid Noordiatmoko, quoted by Antara news agency.<\/p>\n

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 \u201cList of Crypto Assets Traded on the Physical Crypto Asset Market.\u201d<\/p>\n

The regulator carries out close supervision of the entities facilitating the trading of FTT, Didid also emphasized. The executive urged all these crypto platforms to monitor and analyze the developments with the token and ensure customer protection. Several exchanges registered with Bappebti were trading it.<\/p>\n

In January of this year, FTX had a valuation of $32 billion<\/a> and was among the largest crypto trading platforms on a global scale. Its recent collapse triggered investigations into the failed exchange by regulators in the U.S.<\/a>, the Bahamas<\/a>, Japan<\/a>, and Turkey<\/a> and the suspension of its licenses, from Cyprus<\/a> to Australia<\/a>.<\/p>\n

Between January and October 2022, FTT accounted for less than 0.04% of the total crypto transaction value in Indonesia. However, amid the current situation with the token, Bappebti intends to review the full list of registered crypto assets that are being traded in Indonesia. Last week, the government in Jakarta indicated<\/a> it wants to transfer crypto supervision to the country\u2019s Financial Services Authority (OJK<\/a>) as part of a planned tightening<\/a> of crypto regulations.<\/p>\n

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Bankruptcy<\/a>, Bappebti<\/a>, Crypto<\/a>, crypto assets<\/a>, crypto exchange<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Exchange<\/a>, FTT<\/a>, ftx<\/a>, FTX Token<\/a>, FTX tokens<\/a>, Indonesia<\/a>, Indonesian<\/a>, Oversight<\/a>, Regulation<\/a>, Regulations<\/a>, regulator<\/a>, supervision<\/a>, Token<\/a>, Tokens<\/a>, trading<\/a><\/div>\n<\/div>\n

Do you expect regulators in other countries to take similar measures regarding the FTX exchange and FTT tokens? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Maurice NORBERT \/ Shutterstock.com<\/em><\/p>\n

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