Customers of FTX in Japan will soon have the ability to withdraw their funds, which have been frozen due to the bankruptcy process. FTX Japan and Liquid, two crypto exchanges owned by FTX, are working on a system to allow withdrawals to occur by mid-February.
Cryptocurrency exchange FTX, which filed for bankruptcy in November, will allow customers in Japan to withdraw their funds by mid-February through two FTX-owned exchanges, FTX Japan and Liquid. Japanese customers will need to open an account with Liquid and transfer their assets to the platform in order to withdraw their funds. FTX Japan has confirmed that Japanese customer cash and cryptocurrency should not be part of FTX Japan’s estate due to Japanese property law.
The Financial Services Agency of Japan issued three orders against FTX Japan in November, including a business suspension order, an order to hold assets domestically, and a business improvement order, after the exchange halted customer withdrawals.
FTX and its former CEO, Sam Bankman-Fried, have been charged with multiple counts of fraud by the US government and regulators.
Joy Rice is a computer science graduate and crypto writer with a strong understanding of blockchain technology. She writes about the latest developments in the crypto industry, and is passionate about educating and informing readers about the potential uses of blockchain.