Bankrupt cryptocurrency exchange FTX’s subsidiary in Japan, FTX Japan, reportedly plans to resume withdrawals for affected users as early as February.
According to a Feb. 17 report from Bloomberg, FTX Japan sent out notifications asking users to verify their account balances as part of the process to begin allowing withdrawals. Seth Melamed, chief operating officer of the exchange, reportedly said users could transfer assets to accounts on the FTX-owned Liquid Global platform, with withdrawals expected to begin “very soon”.
FTX Group filed for Chapter 11 bankruptcy in the United States in November 2022, a move which included three of the firm’s 134 subsidiaries: FTX Japan Holdings, FTX Japan, and FTX Japan Services. However, Japan’s Financial Services Agency, or FSA, had requested FTX Japan suspend business orders prior to the U.S. bankruptcy filing.
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