{"id":16011,"date":"2022-12-31T23:51:40","date_gmt":"2022-12-31T23:51:40","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bankrupt-crypto-exchange-ftx-to-start-letting-customers-in-japan-withdraw-funds-exchanges-bitcoin-news\/"},"modified":"2022-12-31T23:51:40","modified_gmt":"2022-12-31T23:51:40","slug":"bankrupt-crypto-exchange-ftx-to-start-letting-customers-in-japan-withdraw-funds-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bankrupt-crypto-exchange-ftx-to-start-letting-customers-in-japan-withdraw-funds-exchanges-bitcoin-news\/","title":{"rendered":"Bankrupt Crypto Exchange FTX to Start Letting Customers in Japan Withdraw Funds \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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FTX customers in Japan will soon be able to withdraw their funds that are currently frozen due to the bankruptcy process. Two FTX-owned crypto exchanges, FTX Japan and Liquid, are developing a system to allow withdrawals by mid-February.<\/strong><\/p>\n

FTX\u2019s Japanese Customers Can Withdraw Funds Soon<\/h2>\n

Two FTX-owned cryptocurrency exchanges in Japan \u2014 FTX Japan and Liquid \u2014 jointly announced Thursday that their users will be able to withdraw funds by mid-February. The two crypto exchanges announced:<\/p>\n

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For the assets entrusted to us by our customers at FTX Japan and Liquid Japan, we are proceeding with system development so that withdrawals will be possible from the Liquid Japan website.<\/p>\n<\/blockquote>\n

To withdraw funds, FTX Japan\u2019s customers will need to open an account with Liquid and transfer their assets to the Liquid platform. The exchanges plan to allow withdrawals by mid-February, according to the joint announcement.<\/p>\n

Japanese exchange Liquid was acquired<\/a> by FTX earlier this year. The deal included Quoine Corp., one of the first crypto exchanges to successfully register in 2017 with Japan\u2019s top financial regulator, the Financial Services Agency (FSA).<\/p>\n

The acquisition followed a major hack<\/a> where about $90 million worth of cryptocurrencies were stolen from the Liquid platform. FTX then provided Liquid with $120 million of debt financing at that time.<\/p>\n

FTX filed for bankruptcy on Nov. 11. However, FTX Japan said on Dec. 1 that it had confirmed with lawyers for the FTX group that \u201cJapanese customer cash and cryptocurrency should not be part of FTX Japan\u2019s estate given how these assets are held and property interests under Japanese law.\u201d<\/p>\n

In November, the FSA issued three orders<\/a> against FTX Japan: a business suspension order, an order to hold assets domestically, and a business improvement order. The orders followed the exchange abruptly halting customer withdrawals. The following day, FTX filed for bankruptcy<\/a> in the U.S. The exchange and former CEO Sam Bankman-Fried (SBF) have been charged<\/a> by the U.S. government and regulators with multiple counts of fraud.<\/p>\n

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ftx<\/a>, FTX Bankruptcy<\/a>, FTX Japan<\/a>, FTX Japan withdrawals<\/a>, FTX Liquid Japan<\/a>, FTX Quoine<\/a>, FTX withdrawals<\/a>, Liquid Japan<\/a>, Liquid Japan withdrawals<\/a>, Quoine<\/a>, withdraw funds<\/a><\/div>\n<\/div>\n

What do you think about FTX Japan allowing customers to withdraw funds? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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