fallen crypto exchange ftx Japani arm, ftx japanWithdrawals have resumed.
monday announcements Said That the firm will resume services for withdrawing fiat currency and cryptoassets at FTX Japan at noon Tuesday (JST) through Tuesday (JST). liquid japan Platforms – a crypto trading platform acquired by FTX last spring and owner of a licensed Japanese crypto exchange queen,
It added that evacuation may not be a quick process, and pointed out that other services are also in the pipeline to reopen.
“Please note that due to the large number of requests from customers, the withdrawal process may take some time to complete. We will announce the resumption of other FTX Japan services as soon as possible.”
To withdraw their funds, FTX Japan clients must:
- Verify the balance of their assets;
- transfer assets to their Liquid Japan account;
- Those who do not have a Liquid Japan account need to open one before transferring assets, and this involves completing Know Your Customer (KYC) procedures.
For this third step, FTX Japan said it would contact users via email to explain how to complete this step, after which it would invite those users to link the two accounts. Will send another email.
It states that there are no fees for transfers from FTX Japan to a Liquid Japan account.
USD balances in Liquid Japan accounts need to be converted to JPY for withdrawals, Per FAQ site.
The exchange said it has sent details of the process to all eligible clients, with instructions on how to complete the entire process. The steps to be completed in the process can be seen here this link Too.
Company ready for auction
In August 2021, Liquid Global experienced a hack in which Over $90 million was stolen. Shortly thereafter, the team announced that FTX had lent $120 million in debt financing and that the two entities will continue to work together in exploring further collaborative opportunities.
Liquid and Coin were in 2022 acquired By FTX, the company’s name was changed to ‘FTX Japan Co., Ltd.’ Has been done. This was seen at the time as part of FTX’s expansion efforts in Japan.
However, just a few months later, FTX Japan Stopped Withdrawals after FTX and its parent company Alameda Research filed for bankruptcy On 11 November – leading to the freezing of customer funds. japanese people financial services agency (FSA) requested That FTX Japan suspends trading orders already on 10th November. Thereafter, the Japanese government Said that it would do everything it could to protect FTX Japan’s customers, while the exchange claimed that its customers’ funds were safe.
days later, liquid stopped All trading after being “instructed” to do so by the law firm handling the bankruptcy.
Then in December, Liquid released a plan to withdraw assets to clients since February this year, stating that FTX Japan was developing a system to enable its clients to withdraw their assets through Liquid Japan.
Mamoru Yanase, Deputy Director General of FSA, Confirmed In January that the exchange will repay the money to customers this month. “We are in close contact with FTX Japan,” Yanase said, adding that client assets have been properly segregated by the Japan entity.
Meanwhile, FTX has been permitted to sell off its overseas assets to raise funds as bankruptcy proceedings continue — and as of January, 41 companies had registered an interest in acquiring FTX Japan. were bidders earlier this month given more time To register their interest in the crypto exchange, the US bankruptcy court pushed back the bidding date from March 15 to April 19.
An auction for the Japanese platform will be held on April 26 and the sale will likely be completed by early May.
Per Bloomberg As of December 1, FTX Japan held approximately $94.5 million in crypto and $46 million in fiat.
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learn more:
, Coincheck Owner ‘Interested’ To For-Sell FTX Japan
, Japanese government: We will do ‘everything possible’ to help customers of FTX Japan
, FTX Alerts Public Regarding Alleged Scams With Fraudulent ‘Debt Tokens’ and Bankrupt Exchange – What’s Going On?
, FTX scandal deepens: Sam Bankman-Fried’s right-hand man Nishad Singh pleads guilty to fraud
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