The Japanese arm of the failed crypto exchange FTX has announced it will honor withdrawals of customer funds after terminating its services earlier in November.
The recording process may take some time to complete
On Monday, the company announced that it will resume fiat and cryptocurrency asset withdrawal services from February 21 at noon, according to a message sent by the company. This announcement is in line with the commitment the exchange made in December when its assets were separated from the larger FTX exchange to comply with Japanese law. FTX Japan was quoted in the official announcement as saying:
We have sent an email to all eligible customers with details of the procedures. If you have not completed the procedure, follow the instructions in the email and complete the process.
In addition, FTX Japan has also noted that the completion of the withdrawal process may take some time due to the high volume of customer requests. In addition, the company will also make an announcement about the resumption of the other FTX Japan services in the coming days.
Verify account balance
Reports suggest that as part of the withdrawal procedure, FTX Japan asked users to verify their account balance before the public withdrawal operation began. This was part of the exchange’s beta testing. According to Seth Melamed, the chief operating officer (COO) of the crypto exchange, users would be able to move their assets into accounts on the FTX-operated Liquid Global platform and withdrawals would be available very soon.
Earlier, Japan’s regulator FTX had instructed Japan to draw up a “business improvement plan” and halt all activities until Dec. 9. The company then had another three months, until March 9, to follow the instructions of the regulator. This extension was necessary because the exchange’s trading systems were not yet functioning properly and client assets could still not be recovered.