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XRP Withdrawals at FTX Japan Restored, Here's What's Happened

Wed, 02/22/2023 - 09:09
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Gamza Khanzadaev
Bitcoin (BTC) and XRP had withdrawal problems with FTX Japan, but this has now been resolved
XRP Withdrawals at FTX Japan Restored, Here's What's Happened
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The Japanese branch of the infamous FTX exchange announced that it has resolved problems with user withdrawals of Bitcoin (BTC) and XRP. The exchange had earlier reported security and risk control issues for users making withdrawals, promising to resume procedures once all security checks had been carried out.

Tens of Millions of USD in XRP Moved from Binance – What's Happening?

According to FTX Japan itself, its users currently hold 71.8 million XRP and nearly 4,000 BTC in their balances. The crypto exchange has net assets of around $76 million and cash and deposits estimated at $135 million.

Current status of FTX Japan

The announcement of FTX Japan resuming fiat and cryptocurrency withdrawals for users appeared earlier this week and was launched yesterday. On the back of this news, the quotation of the FTX native token, FTT, soared by more than 27% at one point but then deflated.

FTX Japan Starting Withdrawals, Here's When

The exchange, however, remains inactive, with operations halted and withdrawals being made through Liquid Japan, also a subsidiary of FTX. Although the Japan Financial Services Agency has imposed a cease-and-desist order on FTX Japan, there has been talk of resuming withdrawals since early December.

In the meantime, the exchange itself is likely to be sold. Appropriate court approval has already been granted, and major players such as Japanese financial conglomerate Monex Group are showing a keen interest in acquiring FTX Japan.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.