Cryptocurrency Exchanges Have Been Ordered by the Indonesian Authority to Cease Trading in FTX Tokens
The Indonesian Commodity Futures Trading Regulatory Agency, better known as Bappebti, has given instructions to digital asset exchanges in the nation to cease trading of the FTX token, which is also referred to by its ticker symbol, FTT. The order has been implemented as of Monday, November 14, according to a statement that was reported by Reuters.

This action comes after FTX and other connected firms in the United States filed for protection under Chapter 11 of the bankruptcy code on November 11. According to the acting head of Bappebti, Didid Noordiatmoko, who was quoted by the Antara news agency, the court proceedings that were initiated by the exchange resulted in "a massive withdrawal," and the price of the FTX token continued to drop dramatically.

According to a report that was published by CNN Indonesia, the FTX token is one of the 383 crypto assets that were specified in the legislation that was released by Bappebti earlier this year. A "List of Crypto Assets Traded on the Physical Crypto Asset Market" is created as a result of this document's work.

Didid further stressed that the regulatory body exercises stringent oversight over the organizations that act as middlemen in the trade of FTT. The CEO advised all of these cryptocurrency platforms to keep track on and investigate any new developments about the token, as well as to safeguard its users. It was being traded on a number of exchanges that were registered with Bappebti.

FTX was one of the top crypto trading platforms on the planet in January of this year and had a valuation of $32 billion at the time. Because of its recent failure, regulators in the United States, the Bahamas, Japan, and Turkey have begun looking into the failing exchange, and a number of countries, ranging from Cyprus to Australia, have suspended the company's licenses.

From the beginning of 2022 to the middle of 2022, the FTT was responsible for less than 0.04% of the entire value of crypto transactions in Indonesia. In spite of this, in light of the situation that has recently arisen with the token, Bappebti plans to examine the comprehensive list of registered crypto assets that are currently being traded in Indonesia. As part of a plan to tighten the regulations governing cryptocurrencies, the Jakarta government indicated last week that it wants to transfer crypto supervision to the country's Financial Services Authority (OJK), which is part of the plan to tighten the regulations.