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Crypto exchange FTX Japan resumes withdrawals on February 21st

Crypto exchange FTX Japan resumes withdrawals on February 21st

#Crypto #exchange #FTX #Japan #resumes #withdrawals #February #21st Welcome to InNewCL, here is the new story we have for you today:

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According to a press release on Feb. 20, FTX Japan, the Japanese subsidiary of troubled cryptocurrency exchange FTX, announced that the withdrawal of users’ fiat currency and crypto assets via the Liquid Japan web platform on Feb. 20 at 12:00 p.m. 00 o’clock would begin. 21

In November 2022, FTX Japan ceased operations after its parent company, FTX, along with its 134 subsidiaries, filed for bankruptcy and froze the assets of an estimated nine million customers and billions of dollars in court cases.

According to FTX Japan, customers who have funds in their accounts would need to confirm their account balance and transfer it to their Liquid Japan account. Liquid Japan is a licensed Japanese crypto-asset exchange that was acquired by FTX in April 2022. FTX Japan clients who do not have a Liquid Japan account must open one before receiving their assets.

“Please note that due to the large number of customer requests, it may take some time to complete the withdrawal process. We will announce the resumption of other FTX Japan services as soon as possible.”

FTX Japan reportedly had approximately 19.6 billion yen in cash worth more than $138 million when it ceased operations in November 2022. FTX Japan was incorporated in June 2022 and was required by Japanese law to segregate client funds from its assets. On November 10, 2022, the Financial Services Agency of Japan announced that FTX was ordered to suspend business operations such as accepting new deposits and to comply with a business improvement order. Due to bankruptcy proceedings, the vast majority of FTX clients, including users, are still unable to withdraw their assets.

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