- FTX Japan announces the resumption of its withdrawal services.
- Japanese FTX customers have been relieved to gain access to their locked assets since the fall of the crypto exchange in November 2022.
- Effective February 21, customers can withdraw their assets stored on FTX Japan.
FTX Japan, a subsidiary of the infamous FTX crypto exchange, announced its plan to reopen its withdrawal services to the beleaguered customers of FTX.
The news was published on February 20 via FTX Japan’s website, stating that customers no longer had to wait before being given access to their funds on its platform.
According to FTX Japan, effective February 21, customers would be allowed to withdraw their funds through Liquid Japan. Liquid Japan is a licensed Japanese digital assets exchange platform obtained by FTX in April 2022.
The resumption of the Japanese FTX subsidiary is a step toward alleviating the FTX investors who lost access to their funds when the company filed for Chapter 11 bankruptcy and was ordered to shut down its business operations in November 2022.
In the statement released by FTX Japan, to withdraw the locked funds, customers with assets in FTX Japan accounts must confirm their asset balance before opening a Liquid Japan account. The press release mandated customers to open a Liquid Japan account to retrieve funds.
Customers and investors of FTX have voiced their frustrations since the crash of the once-populous cryptocurrency exchange, which shook the crypto industry to its core and severely damaged many businesses.
An estimated 134 crypto firms were caught in the FTX cross-fire last year. They either had to file for bankruptcy or were inevitably shut down due to their inability to continue operations.
Launched in June 2022, FTX Japan is committed to serving its people and ensuring that their assets are returned to them, as the new CEO of FTX, John Ray, hinted at the reopening of the FTX exchange platform.
FTX Japan was mandated to separate its clients’ funds from its assets after its launch last year. As of November 2022, when its parent firm filed for bankruptcy, the Japanese subsidiary had over 19 billion yen in possession, worth $138 million.
The crypto company stated that affected customers had been contacted via email and were to follow the steps to withdraw their locked assets from the platform.
“Eligible customers have been notified by email, so if you have not completed the procedure, please follow the instructions in the email,” the firm said.
Additionally, the company mentioned that customers are to exercise patience in withdrawing their assets from the FTX Japan account as it would take a while to process all the requests made by the affected multitude.
Conclusion
FTX Japan, the FTX exchange subsidiary, announced that it would be resuming its withdrawal services to allow the affected FTX customers to retrieve and access their locked assets on the platform since the fraudulent scheme by SBF led to the crash of the crypto company.
