frompress conferenceOn Feb. 20, FTX Japan, the Japanese subsidiary of troubled exchange FTX, announced that withdrawals of users’ fiat currencies and crypto assets will begin via the Liquid Japan web platform at 12:00 noon on the day. on February 21
Back in November 2022, FTX Japan ceased operations after parent company FTX went bankrupt along with 134 subsidiaries, about 9 million clients’ assets were frozen, and billions of dollars were locked up in legal proceedings.
According to FTX Japan, clients with assets in their accounts will be required to verify their balances and transfer their accounts to Liquid Japan, a licensed Japanese crypto exchange that was acquired by FTX in April 2022 by FTX Japan clients without Liquid accounts. Japan must be activated before assets can be returned.
“Please note that due to the high number of requests from customers, It may take some time for the withdrawal process to complete. And we will announce the resumption of FTX Japan service as soon as possible.”
FTX Japan had approximately 19.6 billion yen in cash, worth more than $138 million when it ceased operations in November 2022. On November 10, 2022, the Financial Services Agency of Japan announced that it had ordered FTX to suspend operations such as receive a new deposit and follow orders to improve business
Due to bankruptcy proceedings, most FTX clients, including FTX US users, are unable to withdraw their assets.
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