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 : Les Japonais pourront récupérer leurs fonds à partir du 21 février
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 acquired very late 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.
👉 Bankruptcy of FTX: What actions to take to recover your money?
The best way to secure your cryptocurrencies 🔒
🔥 The world leader in crypto security
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
372 items
