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FTX Japan on its way to refund customers from February 

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  • FTX Japan is seeking to give the customer assets back from February 2023, as per the statement by the firm on 29 December 2022.
  • Reportedly, FTX has over a million creditors over the world.  

The  Japanese branch of the bankrupt company revealed that it is advancing systems to allow clients to take out their assets through Liquid Japan, a crypto trading platform designed to provide liquidity in a secured deal in spring 2022. 

In the beginning, the plan for restarting the withdrawal services was halted on November 8. But at this time, it has been acknowledged by the new FTX Trading management team, as per the update on the website of the firm. The firm will also be including controls, security audit, reconciliations along with reviews. 

To open Liquid Japan accounts, the clients need to go through a three-step process enabling them to open accounts by mid-January followed by taking out their assets by mid-February. 

On December 29, the official stated that, “we greatly beg pardon for the massive inconvenience caused by the delayed halt of services for the taking out of legal currency along with crypto assets.”

In the beginning of December 2022, FTX Japan revealed that it verified with the law company portraying FTX trading in the Chapter 11 bankruptcy case which says the assets of Japanese clients should not be part of FTX Japan’s estate.”

The Management team of FTX

The new management team which is directed by John Ray III has also filed a case in the Bankruptcy Court of Delaware to authorize the commanding steps for four of the company’s independent leading branches in the United States, Japan as well as Europe. 

The management of Japan subsidiary of the bankrupt firm is in constant contact with the regulators of the nation, and has also revealed the very first draft. The consistent dialogue is taking place as basic breakthroughs are fulfilled, as per the statement. Also, they revealed that the private keys of the asset set apart wallets are kept offline all the times and are lonely under the clutch of the Japan operation team.  

FTX Japan was newly established when its parent company, FTX got bankrupt. When it was established in June, Bankman-Fried was chosen to be its provisional Chief Executive Officer. 

After the appointment, Bankman-Fried referred Japan as tremendously regulated market with a potential market size of nearly $1 trillion in terms of crypto trading. 

Nancy J. Allen

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