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As allegations were leveled against the FTX’s former chief executive officer, Sam Bankman-Fried, the troubled cryptocurrency exchange has become mired in controversies and scandals. However, the Japanese arm of the exchange, commonly referred to as FTX Japan, has recently announced that it will honor withdrawals of customer funds after its services were terminated on November 8. This occurred just a few days before the FTX empire filed for bankruptcy in the United States.
Withdrawals To Resume On February
According to a notice that was sent by the firm on Monday, FTX Japan will resume providing withdrawal services for fiat and cryptocurrency assets as of 12:00 p.m. on February 21. The announcement fulfills a commitment that the exchange made back in December while the assets were separated from the larger FTX exchange, under Japanese law.
In the official announcement, FTX Japan was quoted as saying:
We have sent an email to all eligible customers regarding the details of the procedures. If you have not completed the procedure, please follow the instructions in the email and complete the process.
FTX Japan has also noted that the completion of the withdrawal process may take some time because of the high volume of requests from clients. In addition to that, the firm will also make an announcement on the resumption of the other FTX Japan services in the following days.
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FTX Japan Completes Beta Testing
As part of the procedure to start allowing withdrawals, FTX Japan reportedly sent out messages asking users to verify their account balances. This was done as part of the exchange’s beta testing before commencing the withdrawal operation for the public. According to reports, the chief operating officer of the exchange, Seth Melamed, stated that users would be able to move assets to accounts on the Liquid Global platform, which was controlled by FTX, and that withdrawals would begin “very soon.”
The Japanese regulator had first issued an order for FTX Japan to put out a “business improvement plan” and halt all activities until December 9th. It was subsequently allowed a further three months, until March 9, to fulfill the instructions that were issued by the regulator. The extension was necessary since the exchange’s trading systems were still not working properly and it was still unable to restore customer assets.
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