FTX Japan, a subsidiary of the now-bankrupt FTX.com, is preparing to resume withdrawals by the end of 2022 to Japanese customers, said an unnamed FTX Japan executive to local broadcaster NHK.
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- Withdrawals cannot resume immediately because FTX Japan uses the same payment system as its parent company FTX.com, which has frozen withdrawals, according to the NHK report.
- FTX Japan is developing a system to facilitate the withdrawal of assets, the executive added.
- As of Nov. 10, FTX Japan has about 19.6 billion yen (US$138 million) in cash and deposits, according to NHK reports.
- On Nov. 11, FTX Japan was ordered by the country’s Financial Services Agency to suspend operations until Dec. 9 while a “business improvement plan” was put in place.
- FTX and its affiliates filed for bankruptcy on Nov.11, and the hearing for motions will be held in the U.S. at 12 a.m. Hong Kong time on Tuesday.
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