Indonesian regulator asks exchanges to stop trading FTX tokens

Asian Tech Press (Nov 17) -- Indonesian regulators have asked all cryptocurrency exchanges to stop trading FTT, the bankrupt cryptocurrency exchange FTX's native token.

Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) said in a statement Thursday that it has ordered cryptocurrency trading platforms in the country to stop trading FTX tokens as FTX has filed for bankruptcy in the United States.

Sources said the regulator issued the order from Nov. 14.

Sri Mulyani Indrawati, Indonesia's finance minister, told a parliamentary hearing last Thursday that the government must improve regulation of digital asset activities, including crypto assets and financial sector technology innovation.

Indrawati noted that the cryptocurrency market has recently experienced turmoil, which refers to the collapse of FTX that began in early November.

Indonesia has not yet accepted cryptocurrencies as legal tender, but allows crypto transactions for investments in the commodities market.

Following the collapse of FTX, FTX founder and former CEO Samuel Bankman-Fried and a number of celebrities who promoted the exchange have faced a class action lawsuit from investors who alleged they violated Florida law and cost consumers more than $11 billion in losses.

U.S. House Committee on Financial Services will hold a hearing in December to investigate the collapse of FTX, and Bankman-Fried is expected to attend the hearing.

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