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FTX Japan to Allow Customers to Withdraw Funds Starting in February
The plan would make FTX Japan customers some of the first of the collapsed crypto exchange to get their money back.
FTX Japan customers will be able to withdraw their funds as of mid-February, the subsidiary of FTX Trading said in a blog post on Thursday, making them some of the first customers of the collapsed crypto exchange to get their money back.
FTX Japan said it was previously able to confirm with the company's bankruptcy lawyers in the U.S. that Japanese customers' funds "should not be part of FTX Japan’s estate given how these assets are held and property interests under Japanese law."
STORY CONTINUES BELOW
In mid-January, FTX Japan customers will first be directed to set up an account with Liquid Japan, a local crypto exchange purchased by FTX earlier this year. Then, after customers check their balances, withdrawals will be made available as of mid-February, according to the post.
The company said the timeline could change, however, “depending on the progress of the external security audit.”
Withdrawals from FTX Japan were halted on Nov. 8 after local financial regulators ordered the exchange to suspend services. Sam Bankman-Fried's global enterprise, FTX Trading Ltd., filed for Chapter 11 bankruptcy protection in the U.S. three days later.
Read more: FTX Japan Plans to Restart Local Customer Withdrawals
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
