FTX Japan Is Internal Testing For Reopening Withdrawal Plan At The End Of December

Key Points:

• FTX Japan is planning to test the reopening of withdrawals for users.
• On December 15, FTX Japan Holdings filed a tender process with the United States Bankruptcy Court.
• The specific time for the resumption of withdrawals will be announced at the end of the month.

In a new announcement about the service recovery efforts of FTX Japan, it is preparing for an internal test plan of reopening withdrawals later this year as previously announced, updated at Coincu News.

“Planning to return assets to customers is our top priority, and the necessary development work is underway sequentially. In the last week of December, we plan to begin internal testing. withdrawals and withdrawals in the so-called sandbox environment. This test is an important milestone in the plan.”

The company also announced that on December 15, its headquarters filed an application with the United States Bankruptcy Court for a tender process in order to conduct an orderly and efficient sale of FTX Japan Holdings.

The final deadline for bidding is expected to be set for February and March next year. The proposed sale must be approved by the bankruptcy court, which may or may not be granted. Specifically:

• January 11, 2023 Hearing of bankruptcy court petition
• February 1, 2023 Preliminary Bidding Closing Date
• March 21, 2023 Auction held
• March 27, 2023 The trial of the sale

Court documents filed by FTX Trading show the entities have shown “substantial interest” from third parties, but under pressure from US and foreign regulators and regulators, many of them were forced to shut down.

In addition, the above-mentioned bidding procedures will not affect the customer’s time and plan for resumption of withdrawal and withdrawal services. The timetable for the resumption of withdrawals will be announced at the end of December 2022.

Earlier on December 2, FTX Japan issued a notice stating that Japanese customer assets are not subject to US bankruptcy law and plans to gradually restore user withdrawals based on on this.

According to the news on December 9, the Japanese financial regulator’s cease-and-desist order for Japan’s FTX has been extended to March 9 next year.

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