FTX Japan, the Japanese subsidiary of Sam Bankman-Fried’s bankrupt FTX, resumed withdrawal of customer holdings on Tuesday, according to a press release from the company.
See related article: Monex Group expresses interest in bidding in upcoming sale of FTX Japan: Bloomberg
Fast facts
- “We have sent an email to all eligible customers regarding the details of the procedures… In order to proceed with withdrawals, customers who have assets in their FTX Japan account would need to confirm the balance of their assets and transfer them to their Liquid Japan account,” the statement said.
- The Liquid Japan web platform is a locally licensed cryptocurrency exchange acquired by FTX last April, which can be used to withdraw both fiat currency and crypto assets.
- FTX Japan elaborated that customers without a Liquid Japan account need to open one to withdraw their assets.
- “Due to the large number of requests from customers, it may take some time for the withdrawal process to be completed. We will announce the resumption of other FTX Japan services as soon as possible,” the announcement added.
- The announcement marks the first time in four months that FTX Japan customers will be able to access their funds after withdrawals were frozen in November, following FTX and its 134 affiliates filing for bankruptcy in the U.S.
- However, FTX Japan operated independently of other branches and had about 19.6 billion yen (US$146 million) in cash and deposits before it ceased operations in November.
- In January, the U.S. Bankruptcy Court in Delaware gave FTX permission to sell FTX Japan Holdings, along with several other subsidiaries. The Japanese exchange has its local license to operate in the country until Mar 9, 2023.
See related article: Former FTX executive Nishad Singh negotiating guilty plea on fraud charges: Bloomberg
