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Home » FTX Japan Crypto Exchange Will Start Accepting Withdrawals From Feb.21

FTX Japan Crypto Exchange Will Start Accepting Withdrawals From Feb.21

Hania by Hania
February 20, 2023
in Crypto Exchanges
Reading Time: 2 mins read
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FTX Plans To Reopen Crypto Exchange For International Users
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The FTX Japan exchange stated, “We are deeply sorry for the concern and inconvenience caused to our consumers as a result of the suspension of our services.”

The struggling cryptocurrency exchange FTX’s Japanese affiliate, FTX Japan, announced in a press statement on February 20 that users’ fiat money and cryptocurrency assets would resume being withdrawn starting at noon on February 21 via the Liquid Japan web platform.

「法定通貨の出金および暗号資産の出庫のサービス再開のご案内」を掲載致しました。こちらをご確認ください。https://t.co/Vu5jDnBBb3

— FTX Japan (@FTX_JP) February 20, 2023

As its parent company, FTX, and its 134 subsidiaries filed for bankruptcy in November 2022, freezing the assets of an estimated 9 million clients and locking up billions of dollars in legal disputes, FTX Japan ceased operations.

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Customers who hold assets in FTX Japan accounts are required to confirm their balance and transfer those assets to their Liquid Japan accounts, according to FTX Japan. In April 2022, FTX acquired the licensed Japanese cryptocurrency asset exchange Liquid Japan. Customers of FTX Japan who do not already have a Liquid Japan account must create one in order to access their assets.

FTX Japan Crypto Exchange Will Start Accepting Withdrawals From Feb.21

“Please be aware that the withdrawal procedure may take some time to complete due to the high volume of customer requests. As soon as feasible, we will make an announcement about the restart of other FTX Japan services.”

According to estimates, when FTX Japan stopped operating in November 2022, it 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 funds separate from its assets.

The Financial Services Agency of Japan declared on November 10, 2022, that it had given FTX the go-ahead to cease activities, including the taking of new deposits, and to adhere to a business improvement order. The vast majority of FTX customers, including FTX US users, are still unable to withdraw their assets due to bankruptcy proceedings.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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