Japanese FTX users will receive access to withdrawal services for both their cryptocurrency and fiat assets.
In its press release, it stated that it would uphold its pledge to release the funds after Japanese authorities held them under national law. Funds will open “from 12:00 on February 21, 2023,” it said.
The statement informed investors that Liquid Japan would provide withdrawals and other services for FTX Japan. Customers with assets on the platform were required to “confirm the asset balance of their FTX Japan account before using this service, and then open/confirm a Liquid Japan account.”
It added that procedures for transferring to a Liquid Japan account were also required, with eligible customers receiving notifications via email.
Speaking further, FTX Japan stated: “Due to the large number of requests from customers, it may take some time for the withdrawal process to be completed. We will announce the resumption of other FTX Japan services as soon as possible.”
The news comes after FTX Japan blocked services and payments on 8 November, just days before FTX filed for Chapter 11 bankruptcy in the United States. Reports show creditors are preparing to sell off FTX Japan and FTX Europe as part of FTX’s funds recovery operations over the next few months.
In mid-January, FTX lawyers revealed that the disgraced company had recovered around $5 billion USD in funds after a major probe into the company’s assets.
