Tuesday, February 7, 2023
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Customers Will Be Able To Withdraw Funds From FTX Japan Beginning In February

In a blog post published on Thursday, a subsidiary of FTX Trading said that users of FTX Japan would be able to withdraw their monies beginning in the middle of February. This will make these customers the first ones to get their fund back from the cryptocurrency exchange that closed down.

FTX Japan stated that it had been able to confirm in the past with the company’s bankruptcy lawyers in the United States that the funds of Japanese customers “should not be part of FTX Japan’s estate given how these assets are held and property interests under Japanese law.” FTX Japan is a foreign exchange company based in Japan.

Midway through the month of January, clients of FTX Japan will be given instructions on how to open an account with Liquid Japan, a local cryptocurrency exchange that was acquired by FTX earlier this year. The article says that people will be able to make withdrawals starting in the middle of February, after they have checked that their accounts are safe.

But the company has admitted that the schedule could change “depending on the results of the external security assessment.”

On November 8, local financial authorities ordered the exchange to terminate its activities, which resulted in the suspension of withdrawals from the FTX Japan platform. Three days later, the international business owned by Sam Bankman-Fried and known as FTX Trading Ltd. filed for bankruptcy protection under Chapter 11 in the United States.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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