FTX Japan To Resume Withdrawals On February 21 Since November Crisis

Key Points:

• According to a Feb. 20 announcement from FTX Japan, withdrawals for fiat and crypto assets would start up again on Feb. 21.
• The withdrawals would be handled through the Liquid Japan online platform, according to the insolvent exchange’s Japanese affiliate.
• Users must authenticate their balances and transfer them to Liquid’s platform. Those who don’t already have a Liquid account must create one.

The failed cryptocurrency exchange FTX’s Japanese affiliate, FTX Japan, will start processing cryptocurrency and fiat withdrawals again on February 21.

In a statement, the company stated that withdrawals would be handled through the Liquid Japan online platform. Liquid Japan is a licensed Japanese crypto asset exchange acquired by FTX in April 2022.

Clients must verify their balance if they have assets on the exchange. To withdraw their assets, users who do not already have an account on Liquid Japan must create one, the business noted.

According to FTX Japan, all users who had funds on the platform have been notified. These consumers, according to the corporation, have been informed of the withdrawal process. Given the number of pending requests, FTX Japan advised consumers to be aware that the procedure could be sluggish.

“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,” the exchange said in the statement.

Following the collapse of the FTX cryptocurrency exchange, along with its 134 subsidiaries and sister trading firm Alameda Research, FTX Japan halted crypto and fiat withdrawals in November 2022, freezing the assets of an estimated 9 million customers and locking billions of dollars in pending legal disputes. Before it stopped operating, FTX Japan reportedly had cash reserves of about 19.6 billion yen, or more than $138 million.

Launched in June 2022, FTX Japan was mandated by Japanese law to keep customer money separate from company assets. The Financial Services Agency of Japan declared on November 10, 2022, that it had given FTX the go-ahead to halt activities, including the taking of new deposits, and to adhere to a business improvement order. The vast majority of FTX clients, including FTX US users, are still unable to withdraw their assets due to bankruptcy proceedings.

Early in December 2022, the platform was first requested to halt operations. Nonetheless, FTX Japan was successful in extending this order to March 2023. The platform plans to announce the start of further services, according to the announcement from Monday.

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Harold

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