FTX Japan Intends To Begin User Withdrawals By The End Of the Year

Concerning the bankruptcy of FTX Trading, a large cryptocurrency exchange business, management of the Japanese subsidiary FTX Japan responded to an interview, stating that the assets of Japanese customers whose withdrawals are presently stopped would be transferred before the end of the year. It has been reported that plans are being made to resume withdrawals.

Under Article 11 of the Federal Bankruptcy Law, “FTX Trading” has filed for bankruptcy in the United States alongside around 130 group entities, including its own company and a FTX Japan.

In these cases, FTX Japan executives responded to NHK‘s coverage. It is explained in this that withdrawals are not possible because the system is the same as the parent corporation, which is temporarily halted.

As a result, as a Japanese firm, we are creating our own method for clients to withdraw their assets. Following that, he indicated that he is planning to make withdrawals available before the end of the year.

As of the 10th of this month, the Japanese organization claimed to have around 19.6 billion yen in cash and deposits, but has not confirmed the outflow of customer funds overseas.

On the 19th, the parent firm said that it had begun selling several operations, and the Japanese subsidiary is also expected to be evaluated for sale.

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