Last Updated: August 2, 2023
• FTX plans to assess the possibility of restarting the exchange in the second quarter of 2023.
• FTX Japan may already be preparing to reopen the exchange in the country.
• The relaunch will likely take much longer than expected and FTX would first have to convince the bankruptcy judge that it is in their best interest.
FTX Restart Plans Overview
FTX will assess if they should relaunch their crypto exchange by Q2 of 2023. If approved, users may be given “interest” in the exchange and it will likely take much longer than expected with a potential confirmation for its restructuring plan in Q2 2024.
When Will FTX Restart Operations?
The latest roadmap suggests that FTX plans to assess if they should restart operations in Q2 2023 and potentially file their restructuring plan by Q3 2023. After this step, attorneys expect that the judge will set a bar date for customer claims by September 2023.
FTX Japan Most Likely Candidate For Relaunch
FTX’s monthly staffing and compensation report revealed that new CEO John J. Ray III contacted Japanese officials about possibly reopening FTX Japan as it had user accounts separate from the company’s, allowing them to withdraw all funds on February 21st.
Will FTX Restart In The US?
It is unclear whether or not FTX will resume operations in other countries such as the US due to consumer protection laws varying from nation to nation. However, attorney Dietderich suggests that users could be given “interest” in this potential relaunch if approved by court order.
FTX’s relaunch is still an ongoing process with no definite timeline available at this time as there are many steps required before any action can be taken. The court hearing provided some insight into what could happen next but only time will tell if we see an official restart of operations for this once-great crypto exchange.