Customers of FTX Japan will be able to withdraw deposits of crypto and fiat currency tomorrow, the Japanese subsidiary of bankrupt crypto exchange FTX said Monday.
The withdrawal process will be facilitated through Liquid Japan, a crypto trading platform purchased by FTX last spring. The company’s announcement comes after FTX Japan paused withdrawals last November as founder and former CEO Sam Bankman-Fred’s crypto empire came crumbling down.
The Tokyo-based company stated that customers who are eligible to withdraw their funds have already been notified about the process via email, which requires them to create an account with Liquid Japan and confirm the existing balance of their FTX Japan account.
FTX Japan warned that the withdrawal process may become bogged down by a large volume of customers submitting requests at once. On December 1, the platform held around $94.5 million in crypto and $46 million in fiat currency, according to Bloomberg.
Though customers of FTX Japan will soon see some reprieve, customers who did business with other subsidiaries of FTX, like FTX. US, remain in limbo as the international exchange works its way through bankruptcy proceedings in a Delaware court.
FTX Japan launched in June of last year and operated for less than six months before Bankman-Fried’s companies collapsed. Bankman-Fried was appointed as the company’s interim CEO when the subsidiary launched.
"Japan is a highly regulated market with a potential market size of almost $1 trillion when it comes to cryptocurrency trading,” Bankman-Fried stated last June.
Last December, FTX filed a motion to approve the sale of the exchange’s four subsidiaries that remained solvent, which included FTX Japan, FTX Europe, Embed Technologies, and LedgerX. The effort would help raise money to repay creditors, who are owed billions of dollars.
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