FTX Japan Reports $50M in Withdrawals Since Feb. 21

FTX Japan Co LTD announced the accomplishment of the business after it processed about $50 million in withdrawals since February 21 after three months of patience and plannings.

According to FTX Japan, users of the platform and those at Liquid Global withdrew about 6.6 billion yen in bitcoin and fiat on February 22. The cryptocurrency company claims that 7,026 account holders transferred money from FTX Japan to Liquid, and that there were 1,947 cases of users withdrawing cash and 5,697 transactions involving cryptocurrencies.

However, the exchange had previously warned clients that considerably longer withdrawal delays may occur as a result of numerous simultaneous requests. It stated, “Please note that due to the large number of requests from customers, it may take some time for the withdrawal process to be completed. We will announce the resumption of other FTX Japan services as soon as possible.” 

FTX Japan not Affected by Parent’s Bankruptcy

Notably, the Japan subsidiary of the bankrupt crypto exchange recently stated that customers who have assets on the exchange must confirm their amount. Additionally, the company stated that in order to process withdrawals, users who do not already have an account on Liquid Japan must establish one in order to withdraw their assets.

Following the parent company’s filing for chapter 11 bankruptcy protection in the United States, the FTX subsidiary in Japan froze about $138 million of user money, indicating that as of February 22, there may have been about $90 million left over for users.

After getting confirmation that its customers’ assets are not being included in the insolvency proceedings of its parent company, the business announced on December 1, that it would start making withdrawals to restore client money. 

Then, it started making plans to return customers’ funds as soon as February 2023. The business suggested a schedule for requiring users to withdraw funds from a sister network, Liquid Japan, in order to use their assets in a news release.