Japanese division of FTX resumed withdrawals

Japanese division of FTX resumed withdrawals

Author: Robert Strickland

The Japanese division of FTX resumed withdrawals
The Japanese division of the bankrupt cryptocurrency exchange FTX has resumed withdrawals for clients
FTX Japan customers can access their assets through the Liquid Japan platform

The Japanese division of cryptocurrency exchange FTX has resumed withdrawals. An announcement on the site's website states that withdrawals of fiat currencies and crypto assets became available to FTX Japan customers through the Liquid Japan web platform on February 21.

FTX Japan announced in early December last year that it plans to resume withdrawals to local customers, which had been suspended on November 8. The exchange argued that the assets of Japanese customers were not part of FTX Japan's estate and had nothing to do with the group's ongoing bankruptcy proceedings in the U.S. The unit team notified lawyers in the U.S. and resumed withdrawals for its clients on that basis.

In order to withdraw funds, users with assets in FTX Japan accounts need to confirm their asset balance and transfer them to Liquid Japan, a platform within the FTX Japan group that serves Japanese residents. Clients who do not have an account with Liquid Japan need to open one before they can transfer assets.

Instructions on how to withdraw assets were sent to all FTX Japan clients. The exchange team warned that due to the high volume of requests, the withdrawal process may take some time.

In mid-December, FTX Group, which is undergoing bankruptcy proceedings in the U.S., asked the court for permission to sell FTX Japan. The petition stated that the sale of the site could allow it to resume operations.

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