FTX Japan, the Japanese arm of the embattled crypto exchange FTX.com, said on Friday it has resumed yen withdrawals after the country’s Financial Services Agency (FSA) ordered the exchange on Thursday to suspend operations and put together a “business improvement plan.”
See related article: FTX liquidity crunch leads to contagion fears; Friday updates and running commentary
Fast facts
- FTX Turkey, on its part, said in a Tweet on Friday that it was working on converting users’ crypto balances into Turkish Lira and sending it to customers’ bank accounts.
- However, FTX US, the American-based platform, said on Thursday that it could freeze trading in the next few days.
- FTX.com handles investments for non-U.S. residents, while the separate FTX US exchange is for U.S. residents.
- FTX.com, faces an acute liquidity crisis which would reportedly require US$8 billion to resolve.
- Binance, world’s largest cryptocurrency exchange, had offered to buy out FTX but withdrew within 24 hours citing allegations of “mishandled customer funds.”
- U.S. regulators – the Department of Justice, the SEC and the Commodity Futures Trading Commission – are probing FTX, while the state of California has launched an investigation into the “apparent failure” of FTX.
See related article: FTX debacle has crypto industry pointing finger at regulators in call for clear rules of the road