FTX Japan Finally Announces Resumption Of Withdrawals For Users Starting February 21
FTX Japan has dropped another update on the fund’s withdrawal matter for Japanese users. It comes as a huge surprise for the entire crypto investment community that such a major announcement has been made by FTX Japan.
It is the Japanese arm of the FTX exchange, which went bankrupt in the last quarter of 2022. Since the announcement, FTX Japan has been attempting to try and release the funds belonging to the customers.
However, the matter lingered for several months but the exchange officials kept communicating that they were working on the matter.
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FTX Japan to Release Funds to Users
FTX Japan has confirmed that after a long struggle, they will be able to return funds to Japanese users.
According to the officials at FTX Japan, they will be able to resume the withdrawal ability for customers based in Japan.
The functionality will be enabled for the FTX Japan customers starting February 21, 2023. The information was released by the exchange officials on Monday, February 20, 2023.
Funds to Be Released in Crypto and Fiat
Just as the FTX exchange announced bankruptcy in November 2022, FTX Japan also decommissioned its crypto operations.
However, the operational suspension for FTX Japan was not intentional. It was the Financial Services Agency (FSA) based in Japan, responsible for the regulations of cryptocurrencies that demanded the exchange suspend its operations.
Following the suspension, the exchange filed a motion at the US court overlooking the bankruptcy filed by FTX exchange to let it resume withdrawals.
Turns out, the exchange has been granted permission to do so and it will start doing it from February 21. With the resumption of withdrawals in order, the users will be able to withdraw their funds at their convenience.
As communicated by the decision makers, the users will be able to carry out withdrawals in the form of cryptocurrency assets and fiat currencies.
Withdrawals through Liquid
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In order to withdraw the funds, the users will be required to transfer their assets to the Liquid exchange. Therefore, any users who do not have an account opened up with Liquid must do it right away.
They should do it without wasting any time and go for their withdrawals as soon as possible. Liquid Japan is also a brand that is owned by the FTX exchange.
Official Announcement by FTX Japan
The official announcement made by FTX Japan stated that they were pleased to confirm that they would be able to release the funds belonging to the users.
On February 21, the users will be able to withdraw their funds from the FTX Japan platform starting at 12:00 PM Japanese Standard Time (JST).
The requirement would be to transfer the funds to the Liquid platform. From there, the users will be able to withdraw their funds in fiat and crypto.
The firm added that they have put certain procedures in place that the users will need to respect to complete the withdrawals.
They will need to meet certain criteria in order to gain eligibility for funds withdrawals.
Withdrawals may be delayed
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FTX Japan executives have confirmed that the users may face a delay in requesting and having their funds withdrawn.
They have clarified that from February 21, as the withdrawal window opens, thousands of users will attempt to withdraw their funds.
This may eventually result in a delay in the withdrawals but the users must not worry. Although the requests may be processed slowly they will be settled accordingly.
FTX Japan May Resume its Operations
After the latest developments, FTX Japan is hopeful it will be able to resume its services in Japan.
According to recent reports, the financial bureau in Japan announced that the operational suspension for FTX Japan would remain enforced until March 9, 2023.
By releasing the funds to the users, the exchange will be able to retain its lost position in the Japanese crypto market. This would let it reopen itself as a cryptocurrency business in the country.
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