In November 2022, the well-known cryptocurrency exchange, FTX, experienced a major failure and there have been various developments in the case since then. Despite the fact that most users are still awaiting the return of their lost funds, the Japanese arm of the exchange has decided to restart withdrawals of both cryptocurrencies and fiat currencies. As per a recent announcement, FTX's Japanese branch disclosed that withdrawals will begin at midday in Tokyo.
As of February 20, 2023, the exchange had a total of fourteen assets available for trading. Regarding the current status of these cryptocurrencies, FTX explained that they have been handling the assets entrusted to them by their customers in compliance with applicable laws and regulations. They have stored customers' crypto assets in cold wallets, while fiat currencies have been kept in trust accounts located in Japan.
Here’s how FTX Japan is carrying out the withdrawal process
The exchange has sent emails to eligible clients informing them of the withdrawal process and stating that Liquid Japan will manage the procedure. Since FTX acquired this cryptocurrency trading company last year, clients must create an account on Liquid Japan and confirm their FTX Japan account balance.
The exchange also cautioned users that a high volume of withdrawal requests may slow down the withdrawal and delivery process. The statement emphasized that the exchange may take some time to process requests due to the large number of customers. The exchange plans to announce the resumption of other services at a later time.
As FTX.US continues its bankruptcy proceedings, customers who conducted transactions with the exchange remain uncertain about the status of their funds. Japan's regulators have received accolades for their swift implementation of strict regulations aimed at safeguarding investors.
