FTX Japan to Resume Withdrawals: We Apologize for Inconvenience

• Crypto exchange FTX Japan announces the resumption of withdrawals on Feb. 21
• The exchange halted operations in November 2022 after its parent firm, FTX, filed for bankruptcy and froze the assets of an estimated 9 million customers
• FTX Japan customers are required to open a Liquid Japan account before receiving their assets

FTX Japan to Resume Withdrawals

Crypto exchange FTX Japan announced that the withdrawal of users‘ fiat currency and crypto assets would commence via the Liquid Japan web platform at 12:00 pm on Feb. 21. The exchange had suspended operations in November 2022 after its parent firm, FTX, filed for bankruptcy along with its 134 subsidiaries, freezing the assets of an estimated 9 million customers and billions of dollars locked in legal proceedings.

Liquid Japan Account Required

FTX Japan customers who have assets in its accounts need to confirm their balance and transfer them to their Liquid Japan account. Customers who do not have a Liquid Japan account are required to open one before receiving their assets.

Timeline for Process Completion

Due to the large number of requests from customers, it may take some time for the withdrawal process to be completed. However, there is no definite timeline on when this process will be finished.

Background Information

When FTX Japan ceased operations in November 2022 it reportedly had 19.6 billion yen in cash worth more than $138 million at that time. In June 2022 FTX launched a Japanese subsidiary which was regulated by Japanese law requiring customer funds must be segregated from its own assets per local regulations. On Nov 10th Financial Services Agency of Japan announced it had ordered FTX to suspend business operations such as accepting new deposits and comply with a business improvement order issued by FSA due to violation of payment service act requirements concerning customer protection rules including segregation between corporate funds and customer funds as well as other internal control systems related violations discovered during inspection by FSA at beginning October 2020..

Apology From Exchange

The exchange apologized for causing concern and inconvenience due to suspending services stating “We are very sorry for the concern and inconvenience caused to our customers due to the suspension of our services”.