Japan FTX Reopens Withdrawals

Japan FTX exchange made an announcement this Monday, Feb. 20, saying the exchange would allow withdrawal of both fiat and crypto, beginning at noon (GMT+9) on Tuesday, 21st.

Last November, crypto exchange FTX declared bankruptcy, making its users scrambled to withdraw their funds, while a large number of them still failed to do so. In a post dated December 29 last year, FTX Japan assured customers that they would be able to get their funds back again, stating that users' funds were safely kept in a cold wallet. Customer funds will be returned through Liquid, a sister exchange owned by FTX.

Japan's strict regulation of crypto assets played an important role in this incident. The country requires exchanges to be registered with the Financial Services Agency (Japan FSA) and to keep the company's capital reserves separate from customer assets.

FTX Japan explained that the collapsed FTX caused it to be unable to access the website and platform as well. After regaining control, the company proceeded with plans to return user funds. Users eligible for withdrawal were required to create an account with Liquid. And log into the accounts and confirm their balance, then transfer their assets to the FTX platform.

The U.S. Department of Justice is still investigating the criminal cases of FTX founder Sam Bankman-Fried, who claims his innocence.

(Source: DailyCoin)