On February 20th, FTX Japan announced, via blog post, that customers will be able to withdraw their crypto and fiat currencies starting 12:00 p.m. Japan Standard Time (JST) on February, 21, 2023.
FTX Japan halted customer withdrawals, on November 11th 2022, after Japan's Financial Services Agency issued an order to suspend FTX's business operations in Japan.
Liquid Japan, a crypto trading platform acquired by FTX, will be managing the withdrawal process for the customers of FTX Japan.
Back in December of 2022, Liquid Japan published a announcing their plans to open up customer withdrawals starting in "mid-February", and the company has clearly followed through on those promises.
Our parent company, FTX Trading Limited, has been very affected by the failure to operate and will be kept waiting for a long time until resumption. We apologize for any inconvenience and inconvenience caused.
FTX Japan
FTX Japan provides instructions for how to proceeds with the Crypto and Fiat Withdrawals:
- Firstly, FTX Japan customers will need to confirm their Account Balance.
- Next, the customers' assets must then be transferred to their Liquid Japan account.
- If a customer does not currently have a Liquid Japan account, they are required to open one before transferring assets.
- Finally, an email was sent out to all FTX Japan customers with detailed instructions to complete the withdrawal process.
FTX Japan warns, in the blog post, that "due to the large number of requests from customers" the withdrawal process may be slower than normal, but will ultimately be completed.
The reason, I believe FTX Japan survived the collapse of it's parent company, was that the company had only just been launched in June 2022, less than six months before the collapse of FTX.
Another important factor is that Japan is one of the most highly regulated countries in the world, which could have prevented Sam Bankman-Fried and his band of thieves from using customer funds from their FTX Japan entity.
At the end of the day, it is good to finally get hear some great news, and I extremely happy for the customers of FTX Japan.
What are your thoughts about this news?
Are you happy for the customers of FTX Japan?
Does this give you hope for the other customers of FTX?
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