FTX Japan to Allow Crypto & Fiat Withdrawals – Over 1 Million Creditors Rejoice

• FTX Japan announced its plan to resume fiat currency and cryptocurrency withdrawals for their customers starting February 21, months after suspending its services.
• Customers will be able to withdraw their assets via Liquid Japan’s website, but those without a Liquid Japan account must create one before withdrawing.
• FTX co-founder Sam Bankman-Fried is pleased with the news and hopes that the US entity can follow suit soon.

FTX Japan To Allow Withdrawals

FTX Japan has revealed its plan to resume fiat currency and crypto asset withdrawal for their users through its blog post. Starting from February 21, customers of the exchange will finally be able to withdraw their funds after a three-month wait.

Withdrawing Assets Through Liquid Japan

Customers who have their assets in their accounts need to confirm their balance and transfer them to their liquid Japan account. Those without an existing liquid Japan account must create one before they are allowed to move out assets.

Parent Company Declared Bankruptcy

The parent company of FTX, the crypto exchange that runs the Japanese subsidiary, declared bankruptcy in November 2022 due to downturn in the industry which led over a million creditors hanging and stranded. Despite this, co-founder Sam Bankman-Fried pleaded not guilty on charges of fraud ahead of a US trial.

FTX Co-Founder Reacts

Bankman- Fried’s spokesperson Mark Botnick revealed via an email as per Bloomberg reports that: „Bankman- Fried is happy to see that the Japanese exchange is moving forward and maintains that the US entity can and should do the same soon as possible“.

Processing Withdrawal Requests

FTX Japan noted it may take some time for withdrawals if many requests come in from customers but emails were sent out concerning details of process required steps for withdrawing funds.