a month ago 2 min read

Since November Crisis, FTX Japan Resume Withdrawals on February 21

japan-ftx-bitcoin-alameda research

On February 21, FTX Japan, the Japanese subsidiary of the defunct cryptocurrency exchange FTX, will resume processing bitcoin and fiat withdrawals.

Withdrawals would be handled through the Liquid Japan online platform, according to a statement from the firm. In April 2022, FTX purchased Liquid Japan, a licensed Japanese exchange for digital assets.

If a client has assets on the exchange, they must check their balance. Users who do not already have an account on Liquid Japan must create one in order to withdraw their assets, the company said.

All users who had funds on the platform, according to FTX Japan, have received notifications. The firm claims that it has informed these customers about the withdrawal procedure. FTX Japan warned customers that the process might be slow due to the volume of pending requests. The statement quoted the exchange.

“Please note that due to the large number of requests from customers, it may take some time for the withdrawal process to be completed. We will announce the resumption of other FTX Japan services as soon as possible,”

In November 2022, FTX Japan stopped accepting crypto and fiat withdrawals in the wake of the collapse of the FTX cryptocurrency exchange, along with its 134 subsidiaries and sister trading firm Alameda Research. This resulted in the freezing of the assets of an estimated 9 million customers and the locking of billions of dollars in ongoing legal disputes. FTX Japan apparently had cash in hand of roughly 19.6 billion yen, or more than $138 million, prior to ceasing operations.

When it was established in June 2022, FTX Japan was required by Japanese law to hold client funds apart from business assets. On November 10, 2022, the Financial Services Agency of Japan announced that it had granted FTX permission to cease operations, including the acceptance of new deposits, and to abide with a business improvement order. Due to bankruptcy proceedings, the great majority of FTX clients, including FTX US users, are still unable to withdraw their assets.

The platform was first requested to cease operations at the beginning of December 2022. FTX Japan was able to prolong this deal until March 2023, nevertheless. According to the release from Monday, the platform intends to announce the launch of more services. Many FTX clients, including FTX US users, are still unable to withdraw their assets because of bankruptcy proceedings.

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