• FTX Japan plans to resume user withdrawals in February.
• This decision follows the firm’s Chapter 11 bankruptcy filing in the US.
• FTX Japan is one of FTX’s 134 subsidiaries caught up in the bankruptcy filing.
FTX Japan Plans to Resume User Withdrawals
FTX Japan Holdings, FTX Japan, and FTX Japan Services are three of FTX’s 134 subsidiaries caught up in a firm’s Chapter 11 bankruptcy filing in the United States. Seth Melamed, Chief Operating Officer of the exchange, said that users could transfer assets to accounts on the FTX-owned Liquid Global platform, with withdrawals expected to begin “very soon.”
Japan’s Financial Services Agency (FSA) Requested Suspension
Prior to the US bankruptcy filing, Japan’s Financial Services Agency (FSA) had requested that FTX Japan suspend business orders. In response, FTX Group filed for Chapter 11 bankruptcy in the US and then submitted a plan in December 2022 as part of an attempt to resume user withdrawals. The plan suggested that customer assets should not be included within the firm’s bankruptcy proceedings.
User Account Balance Verification
In light of these developments, Bloomberg reported on Feb 17th that FTX Japan sent out notifications asking users to verify their account balances as part of a process which will enable them to start making withdrawals again soon. According to Melamed, this process is on track for February and users can expect their withdrawal requests to be approved very soon.
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All in all, it looks like customers who have been affected by this situation can look forward to resuming their transactions soon as long as they take steps such as verifying their account balance according customer instructions provided by regulators or exchange operators like FTX Group or its subsidiary companies like Liquid Global Platform etc..