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FTX Japan Sets Customer Fund Withdrawal End Date

  • FTX Japan, the beleaguered cryptocurrency exchange's Japanese unit, will resume customer money withdrawals.

  • According to FTX Japan, who were quoted in the official statement, all eligible consumers have received emails from FTX outlining the steps.

21-Feb-2023 By: Rohit Tripathi
FTX Japan Sets Custo

The troubled cryptocurrency exchange's Japanese subsidiary, FTX Japan, has stated that it will once again execute customer money withdrawals.

Sam Bankman-Fried, the FTX's previous CEO, has been accused of misconduct, which has caused controversy and scandal to surround the struggling cryptocurrency exchange. However, following the termination of its services on November 8, the exchange's Japanese division, referred to as FTX Japan, recently declared that it will recognise customer withdrawals of monies. This took place only a few days before the FTX empire declared bankruptcy in the US.

Withdrawals will start again in February

The company said on Monday that starting on February 21, FTX Japan will once again offer withdrawal services for fiat and cryptocurrency assets. The statement satisfies a promise made by the exchange in December, when the assets were legally separated from the bigger FTX exchange.

FTX have issued an email with the information of the procedures to all eligible consumers, FTX Japan was cited as saying in the official release. Please follow the directions in the email to finish the process if you haven't already.

The lengthy withdrawal procedure may be delayed due to the large number of client requests, according to FTX Japan. The company will also issue a statement in the coming days on the restart of the other FTX Japan services.

FTX Japan has finished its beta testing.

According to reports, FTX Japan apparently sent out mails requesting account balance verification from users as part of the process to begin permitting withdrawals. Before starting the withdrawal operation for the general public, this was done as part of the exchange's beta testing. Seth Melamed, the exchange's COO, reportedly said that users will be able to transfer assets to accounts on the Liquid Global platform, which was under the authority of FTX, and that withdrawals would start "very soon."

The Japanese regulator initially gave FTX Japan until December 9th to publish a "business development plan" and cease all operations. It was then given a further three months, or until March 9, to carry out the regulator's orders. The exchange's trading systems were still not functioning properly, and it was still unable to return customer assets. This made the extension necessary.

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