- FTX Japan had sent out mails requesting confirmation of user balances.
- It will resume withdrawal services for fiat and crypto assets at 12:00 p.m. on February 21.
After charges were hurled against the FTX’s former CEO, Sam Bankman-Fried, the ailing cryptocurrency exchange has gotten involved in controversies and scandals. In spite of the termination of its services on November 8, FTX Japan, the exchange’s Japanese branch, has lately indicated that it would respect withdrawals of client cash.
The company announced on Monday that it will resume withdrawal services for fiat and cryptocurrency assets at 12:00 p.m. on February 21. The exchange’s December declaration follows through on a promise made under Japanese law when the assets were split off from the main FTX exchange.
Structured Assessment
FTX Japan has said that a large amount of withdrawal requests may cause the procedure to take longer than expected. As for the other FTX Japan services, the company will announce their return in the coming days.
It has been claimed that FTX Japan sent out mails requesting confirmation of user balances as part of the process to begin permitting withdrawals. This was done in preparation for the public launch of the exchange’s withdrawal service as part of the beta testing phase. As reported, the exchange’s COO Seth Melamed said that “very soon” customers will be able to withdraw their funds from their accounts on the FTX-controlled Liquid Global platform.
The Japanese government had previously demanded that FTX Japan publish a “business improvement plan” and suspend operations until December 9th. The FTX fiasco was by far the worst for the crypto sector. SBF is facing criminal charges with several firms filing for bankruptcy due to the domino effect.
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