Starting from tomorrow, users of FTX Japan will finally be able to withdraw their funds after several months of uncertainty. The Tokyo-based subsidiary of the now-bankrupt FTX.com has been working diligently to rectify the issue that prevented its customers from withdrawing their assets.
The platform had been holding around $94.5 million in cryptocurrency and $46 million in fiat currency as of December 1, 2022, according to a report by Bloomberg. However, customers of FTX Japan had been unable to access their funds due to the platform’s connection to the broader FTX system.
To fix the issue, FTX Japan acquired Liquid Japan earlier this year and has been working on developing a system to resume withdrawals through Liquid Japan’s website. Customers will be able to view their assets on the FTX Japan website and initiate withdrawals through the Liquid Japan website starting from tomorrow, according to a report by CNBC.
Ningwei Qin, an executive at FTX Japan, had stated earlier in November 2022 that the platform was preparing to resume withdrawals by the end of the year. The platform had about 19.6 billion yen ($138 million) in deposits as of November 10, 2022, according to a report by CoinDesk.
While FTX Japan had warned its customers that the withdrawal process might become bogged down by a large volume of withdrawal requests at once, the platform has been assuring its users that it is fully committed to facilitating the process as quickly and smoothly as possible.
The news that FTX Japan users can resume withdrawing their funds has come as a welcome relief to customers who have been waiting patiently for months. The plan to allow customers to withdraw their funds from mid-February would make FTX Japan customers some of the first of the collapsed crypto exchange to get their money back.
As the crypto market continues to evolve, it is hoped that FTX Japan and other platforms will continue to take the necessary steps to protect their customers and ensure that their funds are accessible whenever they need them.
