Breaking: FTX Japan Announces the Final Date for Client Fund Withdrawals

The troubled cryptocurrency exchange has been mired in scandals and controversies since Sam Bankman-Fried was accused of being the former chief executive officer of FTX. The Japanese arm of the exchange, also known as FTX Japan has announced that it will accept withdrawals of customer funds. This announcement came after its services were shut down on November 8. This announcement was made just days before the bankruptcy filings of the FTX empire in the United States.
Retirement Withdrawals On February
According to a notice sent by the firm Monday, FTX Japan will reopen its withdrawal services for fiat assets and cryptocurrency assets on February 21st at 12:00 p.m. This announcement fulfills a commitment made by the exchange in December, when the assets were separated from the larger FTX Exchange. It is also in compliance with Japanese law.


FTX Japan was quoted in the official announcement as saying:
We have sent an email with details to all eligible customers. If you have not completed the process, please refer to the email for the details.
FTX Japan also acknowledged that the withdrawal process could take some time due to the large number of requests from clients. The firm will also announce the resumption or other FTX Japan services within the next few days.
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FTX Japan Completes Beta Testing
FTX Japan sent messages asking users to verify their accounts balances as part of the process to allow withdrawals. This was part of the exchange’s beta-testing before the public withdrawal operation. According to reports, Seth Melamed (chief operating officer of the exchange) stated that users would soon be able move assets to Liquid Global platforms, which were controlled by FTX. Withdrawals would also begin “very soon.”

The Japanese regulator first ordered FTX Japan to prepare a “business improvement program” and halt all activities by December 9th. The regulator gave FTX Japan an additional three months to comply with the instructions. This was until March 9. This was necessary because the exchange’s trading systems still weren’t working properly and it was still not able to restore customer assets.
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