{"id":16957,"date":"2023-02-17T17:19:19","date_gmt":"2023-02-17T17:19:19","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/ftx-japan-plans-to-resume-withdrawals-as-early-as-february-report\/"},"modified":"2023-02-17T17:19:21","modified_gmt":"2023-02-17T17:19:21","slug":"ftx-japan-plans-to-resume-withdrawals-as-early-as-february-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/ftx-japan-plans-to-resume-withdrawals-as-early-as-february-report\/","title":{"rendered":"FTX Japan plans to resume withdrawals as early as February: Report"},"content":{"rendered":"

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Bankrupt cryptocurrency exchange FTX\u2019s subsidiary in Japan, FTX Japan, reportedly plans to resume withdrawals for affected users as early as February.<\/p>\n

According to a Feb. 17 report from Bloomberg, FTX Japan\u00a0sent\u00a0out notifications asking users to verify their account balances as part of the process to begin allowing withdrawals. Seth Melamed, chief operating officer of the exchange, reportedly said users could transfer assets to accounts on the FTX-owned Liquid Global platform, with withdrawals expected to begin \u201cvery soon.\u201d<\/p>\n

\u201cWe are confident that we will adhere to the timeline,\u201d said Melamed.<\/p>\n

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The schedule for restart of withdrawals for all FTX Japan & Liquid Japan users is on track for February. https:\/\/t.co\/3LEUggREaA @FTX_JP<\/a><\/p>\n

\u2014 Seth Melamed (@coo_ftxjp) February 3, 2023<\/a><\/p><\/blockquote>\n

FTX Group filed for Chapter 11 bankruptcy in the United States in November 2022, a move that included three of the firm\u2019s 134 subsidiaries \u2014 FTX Japan Holdings, FTX Japan and FTX Japan Services. However, Japan\u2019s Financial Services Agency, or FSA, had requested FTX Japan suspend business orders prior to the U.S. bankruptcy filing.<\/p>\n

Following an order from the FSA, FTX Japan submitted a plan in December 2022 in an attempt to resume user withdrawals. The plan suggested that FTX Japan customer assets should not be a part of the firm\u2019s bankruptcy proceedings \u2014 essentially citing regulations that exchanges separate client funds from their own.<\/p>\n

Related: <\/em><\/strong>FTX wants permission to sell FTX Japan and FTX Europe as well as LedgerX<\/em><\/strong><\/p>\n

News outlet NHK reported that FTX Japan had roughly 19.6 billion yen in cash \u2014 more than $138 million at the time \u2014 when it ceased operations in November. In contrast, debtors for FTX reportedly recovered more than $5 billion in cash and crypto as of January.<\/p>\n<\/div>\n