Japanese FTX customers will soon be able to withdraw will be Funds currently frozen due to the bankruptcy process. Two FTX-owned cryptocurrency exchanges, FTX Japan and Liquid, are developing systems that will allow withdrawals by mid-February.
FTX’s Japanese customers will soon be able to withdraw funds
Two FTX-owned Japanese cryptocurrency exchanges — FTX Japan and Liquid — will be available Thursday, Jointly announced that users will be able to withdraw funds by the middle of the month. -February.
We are developing a system that allows customers to withdraw assets entrusted to us by FTX Japan and Liquid Japan from the Liquid Japan website.
To withdraw funds, FTX Japan customers must open an account with Liquid and transfer their assets to the Liquid platform. The exchange plans to allow withdrawals by mid-February, according to a joint statement.
Japanese exchange Liquid was acquired by FTX earlier this year. The deal involved Quoine Corp., one of the first cryptocurrency exchanges to successfully register with Japan’s top financial regulator, the Financial Services Agency (FSA), in 2017. .
The acquisition followed a massive hack that saw nearly $90 million worth of cryptocurrency stolen from the Liquid platform. FTX then provided Liquid with his $120 million debt financing.
FTX filed for bankruptcy on November 11th. However, FTX Japan said he confirmed with FTX Group’s lawyers on December 1 that: How these assets are held and their property rights under Japanese law.
In November, the Financial Services Agency issued three orders to his FTX Japan: a business suspension order, a domestic asset holding order, and a business improvement order. Orders followed the exchange, and customer withdrawals suddenly stopped. The next day, FTX filed for bankruptcy in the United States. The exchange and former CEO Sam Bankman-Fried (SBF) have been indicted on multiple fraud charges by the US government and regulators.
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