FTX Japan Resumes Fund Withdrawals After 6 Months
It is the first time in the last 6 months that users will be able to withdraw their funds from FTX Japan
Customers with assets in FTX Japan accounts must confirm their balance and transfer them to their Liquid Japan account, as per the press release
On February 20th, FTX Japan, the Japanese arm of the renowned
cryptocurrency exchange FTX, announced in a press release that the withdrawal of users' fiat currency and crypto assets would commence at 12:00 PM on the Liquid Japan web platform.
This marks a significant advancement for FTX Japan, as it is the first time in the last 6 months that users will be able to withdraw their funds from the platform. Within six months of its debut, FTX Japan had already collapsed. By the time it ceased operations in November 2022, it had amassed a staggering 19.6 billion yen in cash, equivalent to over $138 million.
FTX Japan ceased operations in November 2022 after its parent company, FTX, filed for bankruptcy along with its 134 subsidiaries, resulting in the freezing of assets belonging to its 9 million customers.
This had been devastating for FTX customers as they lost complete access to their funds. Sam-Bankman Fried, the founder of FTX is under trial and waiting for conviction, on the other hand, FTX is undertaken by liquidators who are working towards extracting everything possible to pay its customers. As per the reports, the customers are expected to receive close to 80% of the lost funds after liquidation.
Customers with assets in FTX Japan accounts must confirm their balance and transfer them to their Liquid Japan account, as per the press release. In April 2022, FTX acquired a licensed Japanese crypto asset exchange named Liquid Exchange. Those who do not already have a Liquid Japan account must open one before they can receive their assets from FTX Japan.
FTX Japan has already warned that the withdrawal process may be slowed if a large number of customers submit requests simultaneously. However, this news has come as a relief for users who have been waiting to withdraw their funds for a very long time.
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