The prominent cryptocurrency exchange, FTX, collapsed in November 2022. Ever since, there have been multiple turns in the case. While the rest of the community is yet to recover their lost funds, the Japanese branch of the exchange is going to resume crypto and fiat withdrawals.
According to a recent statement, FTX’s Japanese subsidiary revealed that it would commence withdrawals at noon in Tokyo.
As of Feb.20, 2023, the exchange entailed a total of fourteen assets. Elaborating on the status of these cryptocurrencies, FTX stated,
“For some time now, we have been instructing you that the assets entrusted to us by our customers are managed separately in accordance with laws and regulations, with crypto assets in our cold wallets and fiat currencies in trust accounts in Japan. “
Here’s how FTX Japan is carrying out the withdrawal process
Firstly, emails have been sent to all clients who are qualified to request a withdrawal of their funds. The exchange claims that Liquid Japan will handle the withdrawal procedure. FTX bought this cryptocurrency trading company last year. As a result, these clients will need to register for an account on Liquid Japan. Following, they will need to confirm the balance on their FTX Japan account.
Furthermore, the exchange issued a warning. A large number of consumers filing withdrawal requests might overwhelm the withdrawal process. The statement read,
“In addition, when resuming the withdrawal and delivery service, it may take some time for our company to process due to the concentration of requests from a large number of customers. Thank you for your understanding. We will inform you about the resumption of other services of FTX Japan at a later time.”
Customers who transacted business with FTX.US, remain in limbo as the exchange continues its bankruptcy process. Japan’s regulators were praised for swiftly enacting stringent laws to protect its investors.