As promised last December, the Japanese subsidiary of the defunct FTX has announced the reinstatement of cryptocurrency withdrawal services as of February 21, meaning that users will be able to recover their funds.
FTX Japan Reinstates Withdrawals
It’s now official, some FTX users will be able to access their funds again. The Japanese subsidiary of the FTX exchange platform, namely FTX Japan, announced that cryptocurrency withdrawals will be available from Tuesday, February 21.
Withdrawals will be processed provided you have an account with Liquid, an exchange acquired by FTX in February 2022 as part of its expansion into Japan. Clients who do not have one must open one before they can transfer their assets.
As a reminder, FTX went through a flash bankruptcy last November. Through its CEO Sam Bankman-Fried, the cryptocurrency exchange misused client funds, overexposed itself to its own token and ended up insolvent.
However, Liquid was only very late acquired by FTX, which implies that its financial health was not really impacted by the mismanagement of its new parent company. However, it was forced to suspend all its activities following FTX’s bankruptcy filing.
The Japanese platform is currently looking to resume normal operationsa decision which remains for the moment in the hands of the liquidation courts and the courts.
Note that since the suspension of withdrawal functionalities by FTX, very few users were able to recover their funds. Only residents of the Bahamas and holders of tokens from the Tron ecosystem had been able to exit cryptocurrencies from the platform. The Japanese will therefore be the first to recover their assets.
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