• FTX Japan customers will be able to withdraw their funds as of mid-February.
• Customers will have to set up an account with Liquid Japan, a local crypto exchange purchased by FTX earlier this year.
• Withdrawals from FTX Japan were halted on Nov. 8 after local financial regulators ordered the exchange to suspend services.
FTX Japan, the subsidiary of FTX Trading, announced on Thursday that customers will be able to withdraw their funds as of mid-February. This marks the first time customers of the collapsed crypto exchange will have access to their money since FTX Trading Ltd. filed for Chapter 11 bankruptcy protection in the US in November.
In order to facilitate the withdrawal process, FTX Japan has asked its customers to first set up an account with Liquid Japan, a local crypto exchange purchased by FTX earlier this year. After customers verify their balances, FTX Japan will begin processing the withdrawals as of mid-February. However, the company has stated that this timeline could change depending on the progress of the external security audit.
The withdrawal process was halted on Nov. 8 after local financial regulators ordered FTX Japan to suspend services. Following the suspension, FTX Trading Ltd. filed for bankruptcy in the US and FTX Japan began working with the company’s bankruptcy lawyers to ensure that Japanese customers‘ funds would not be part of FTX Japan’s estate.
The resumption of customer withdrawals marks a positive step forward for FTX Japan and its customers. With the impending return of customer funds, FTX Japan is hopeful that its customers will be able to begin trading on the exchange once again.