coinedition.com
The Japanese arm of the bankrupt FTX exchange has officially stated that its withdrawal service for fiat currency and crypto assets will commence from February 21, 2023, Japan time. FTX Japan announced this development on its official site today, noting that the withdrawals will happen via the Liquid Japan web platform from noon JST.
In the press release, the firm said that customers with assets in their FTX Japan account would need to confirm the balance of their assets and transfer them to their Liquid Japan account to proceed with the withdrawals.
Notably, the FTX-sister company has already emailed all eligible customers regarding the required details of the procedures. Customers who are yet to complete the process are advised to follow the instructions in the email and complete it in due time.
Additionally, FTX Japan pointed out that the withdrawal process might take longer to complete due to a large number of customer requests. The firm also pledges to announce the resumption of other FTX Japan services as soon as possible.
In December 2022, the Japanese affiliate of FTX secured permission from local regulators to work through withdrawal-related problems until March 2023. Japan FTX’s business license should have ended by December 9, 2022. However, the authorities gave the additional three months’ extension due to the inability of customers to withdraw their crypto assets in FTX’s custody.
In other news, Galois Capital, one of the victims of the FTX debacle, a hedge fund with half of its assets stuck on the defunct cryptocurrency exchange, has opted to shut down and release its clients’ remaining funds.