According to the “NHK” report, FTX Japan’s legal entity – “FTX Japan” is preparing to reopen withdrawals before the end of the year.
FTX filed for Chapter 11 bankruptcy protection in the U.S. on Nov. 11, along with FTX Japan and 130 other affiliates, as the $32 billion cryptocurrency empire collapsed.
In fact, the Financial Services Agency of Japan ordered FTX Japan to suspend its operations as early as November 10. In response to the problem that customers are currently unable to withdraw money, the company’s executives explained that the reason is that FTX Japan uses the same system as the parent company, but unfortunately Yes, the system is now disabled.
The executive continued:
To this end, as a Japanese company, we are developing our own system so that clients can withdraw their assets.
He added that FTX Japan aims to reopen withdrawals by the end of the year. As of November 10, FTX Japan’s cash and deposits were approximately 19.6 billion yen (approximately US$138 million), and no customer assets have been found to have flowed overseas.
According to the website traffic survey, South Korea, Japan, and Singapore are the top three countries that visit the online system of the FTX exchange, with an average monthly usage of more than 220,000 people.