Bankrupt Crypto Exchange FTX to Start Letting Customers in Japan Withdraw Funds – Exchanges Bitcoin News
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FTX customers in Japan will soon be able to withdraw their funds, which are currently frozen due to the bankruptcy process. Two crypto exchanges owned by FTX, FTX Japan and Liquid, are developing a system that will allow withdrawals by mid-February.
FTX’s Japanese customers will be able to withdraw funds soon
Two FTX-owned cryptocurrency exchanges in Japan – FTX Japan and Liquid – jointly announced on Thursday that their users will be able to withdraw funds by mid-February. Two crypto exchanges announced:
Regarding the assets entrusted to us by our customers in FTX Japan and Liquid Japan, we continue system development so that withdrawals are possible from Liquid Japan’s website.
To withdraw funds, FTX Japan customers must open an account with Liquid and transfer their funds to the Liquid platform. According to the joint release, the stock exchanges plan to allow withdrawals by mid-February.
FTX acquired Japanese exchange Liquid earlier this year. The deal included Quoine Corp., one of the first crypto exchanges to successfully register in 2017 with Japan’s top financial regulator, the Financial Services Agency (FSA).
The acquisition followed a major hack in which around $90 million worth of cryptocurrencies were stolen from the Liquid platform. FTX then offered Liquid $120 million in debt financing at the time.
FTX filed for bankruptcy on November 11. However, on December 1, FTX Japan announced that it had confirmed with FTX Group’s lawyers that “Japanese customers’ cash and cryptocurrency should not be part of FTX Japan’s assets, given how these funds are held and ownership rights under Japanese law.”
In November, the FSA issued three orders against FTX Japan: a business suspension order, an asset retention order and a business improvement order. Orders followed the exchange, which abruptly halted customer withdrawals. The next day, FTX filed for bankruptcy in the US Stock Exchange and former CEO Sam Bankman-Fried (SBF) has been charged with multiple frauds by the US government and regulators.
What do you think about FTX Japan allowing customers to withdraw funds? Let us know in the comments section below.
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