Japan's Financial Services agency has ordered the local arm of Sam Bankman-Fried's crypto exchange to halt operations until December and put together a "business improvement plan."

Japan's Financial Services Agency has ordered FTX's local unit to suspend operations, according to an official announcement made on Thursday. The regulator wants FTX Japan to halt the crypto asset exchange business and stop accepting new customers until Dec. 9, 2022 effective immediately, the order said. FTX Japan is also required to submit a "written business improvement plan" for fixing the cited issues by Nov. 16, 2022.

In its order, the FSA cites the fact that FTX Japan halted withdrawals for customers in the country without specifying a date for reinstatement and without stopping the onboarding of new customers to the platform. Under the circumstances, the regulator said it is uncertain about FTX Japan's health.