Bankrupt crypto exchange FTX has postponed the potential sale process of its Japanese subsidiary in order to explore reopening the exchange. FTX Japan holds two coveted licenses in Japan, including the Crypto-Asset Exchange Service Provider and Type I Financial Instruments Business Operator, which typically take two or more years to obtain.

The exchange has halted the sales plan to maximize its value and continue operating efficiently and profitably, and is seeking court approval for a Key Employee Incentive Plan for seven critical employees who have the institutional knowledge, specialized skillsets, and critical relationships with regulators necessary to maximize the going concern value of the company or to restart the exchange.

Under the KEIP, these employees can earn up to two payments of up to $450,000 each, subject to certain conditions, including the firm maintaining its licenses and restarting operations or its eventual sale.