FTX Japan, the Japanese subsidiary of cryptocurrency exchange FTX, has issued a statement on the withdrawal of users’ fiat currency and crypto assets. It is believed that the development would happen through the Liquid Japan web platform on February 21, 2023, as reported by Cointelegraph.
According to Cointelegraph, the subsidiary freezed operations in November, 2022, after its parent firm, FTX, applied for bankruptcy. Sources suggest that assets of around nine million customers and billions of dollars became locked in legal proceedings.
On the basis of information by Cointelegraph, for each FTX Japan, customers who have stored assets would need to confirm their balance and transfer them to their Liquid Japan account. Reportedly, customers who do not have a Liquid Japan account would be required to open one before receiving their assets.
Moreover, Cointelegraph noted that FTX Japan retained nearly 19.6 billion yen in cash, worth over $138 million during stoppage of its operations. Maximum number of FTX customers, including users of FTX US, still can’t withdraw their assets over insolvency proceedings.
(With insights over Cointelegraph)