FTX Japan Set to Resume Withdrawals on Feb. 21

From February 21, FTX Japan, the Japanese subsidiary of the defunct crypto exchange, will once again accept withdrawals in crypto and dollars. In a statement, the business stated that withdrawals would be handled through the Liquid Japan web platform. 

However, clients must verify their balance if they have assets on the exchange. The business also said that users who do not have an account on Liquid Japan will have to create one in order to withdraw their assets.

FTX Japan Users Can Now Withdraw Funds

According to FTX Japan, all users who had funds on the platform had been notified. These users, according to the corporation, have been informed of the withdrawal process. Given the number of pending requests, FTX Japan advised consumers to be aware that the procedure might be sluggish. In addition, the announcement from Monday indicates the platform plans to reveal the start of more services.

As the FTX cryptocurrency exchange and its sibling trading company Alameda Research failed in November 2022, FTX Japan temporarily halted all crypto and fiat withdrawals. Early in December 2022, the platform was initially asked to halt operations. Nonetheless, FTX Japan was successful in extending this order to March 2023. 

The company updated its website on December 1 to announce its intention to begin withdrawals in order to restore client money after receiving verification that its customers’ assets are not being included in the bankruptcy proceedings of its parent company. 

It then made preparations to reimburse clients’ money as soon as February 2023. In a news release, the company outlined a suggested timeline for requiring customers to withdraw money from a sister platform, Liquid Japan, in order to access their assets.

Following instructions from FTX’s bankruptcy counsel, FTX Japan and Liquid Japan both stopped accepting withdrawals on respective platforms after FTX filed for bankruptcy. FTX Japan tweeted that users’ funds were safe despite the platform’s suspension of withdrawals since its cold wallet reserves are higher than users’ deposits in accordance with the legislation.