Mathisen Marketing

Your Marketing Blog

Bankrupt Crypto Exchange FTX to Start Letting Customers in Japan Withdraw Funds – Exchanges Bitcoin News

Crypto Exchange FTX to Start Returning Funds to Customers in Japan

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

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.

Tags in this story

ftx, FTX bankruptcy, FTX Japan, FTX Japan withdrawals, FTX Liquid Japan, FTX Quoine, FTX withdrawals, Liquid Japan, Liquid Japan withdrawals, Quoine, withdraw funds

What do you think about FTX Japan allowing customers to withdraw funds? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

The authors of the picture: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for information only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damages or losses caused or alleged to be caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.



Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

  • Whats With All The Mysterious Cryptocurrency Deaths

    Whats With All The Mysterious Cryptocurrency Deaths

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase In recent years, the world of cryptocurrency has been rocked by a series of mysterious deaths that have left many people wondering what is really going on. From high-profile figures in the industry to regular individuals who have invested in…

    Read More

  • Tether Launches New Security Policy, Freezes 41 Sanctioned Wallets

    Tether Launches New Security Policy, Freezes 41 Sanctioned Wallets

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Tether, the company behind the popular stablecoin USDT, has recently announced a new security policy aimed at preventing illicit activity and ensuring compliance with global regulations. As part of this new policy, Tether has also taken the step to freeze…

    Read More

  • What Is A DAO

    What Is A DAO

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase A DAO, or Decentralized Autonomous Organization, is a relatively new concept in the world of finance and technology. Simply put, a DAO is an organization that operates without direct human intervention, utilizing smart contracts and blockchain technology to manage and…

    Read More