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FTX Japan Starting Withdrawals, Here's When

Mon, 02/20/2023 - 15:47
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Tomiwabold Olajide
FTX Japan is commencing withdrawals
FTX Japan Starting Withdrawals, Here's When
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FTX Japan has announced in a blog post that it will resume its services for the withdrawal of fiat currency and crypto assets on Feb. 21, 2023, at 12:00 noon (JST).

The crypto exchange informed its users they will be able to proceed with withdrawals through Liquid Japan, a local crypto exchange earlier purchased by FTX, making them some of the first clients of the collapsed crypto exchange to get their funds back.

Users who have assets in their FTX Japan account would need to confirm the balance of their assets and transfer them to their Liquid Japan account. It urges those who do not own a Liquid Japan account to open one to be able to transfer assets.

It notes that due to a large number of requests from customers, withdrawals may take longer to be completed. The crypto exchange also stated that it would announce the resumption of the other services it renders as soon as possible.

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Japanese exchange FTX Japan closed down on Nov. 8, days before FTX as a whole filed for bankruptcy in the U.S.

FTX Japan said it had confirmed with the company's U.S. bankruptcy lawyers that Japanese customers' funds "should not be part of FTX Japan's estate given how these assets are held and property interests under Japanese law." This allowed it to decide to allow withdrawals.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.