FTX Japan to Resume Crypto Withdrawals on February 21

FTX Japan, the Japanese unit of beleaguered cryptocurrency exchange FTX, is planning to resume customer withdrawals for fiat and crypto assets on February 21, according to a statement by the company on Monday.

FTX Japan to Resume Withdrawals on Feb 21

According to the statement, the service will be reopened through the Liquid Japan web platform at noon (JST) on February 21, 2023. Liquid is a Japanese licensed crypto exchange acquired by FTX last year.

“We have been preparing for the legal currency withdrawal service and cryptocurrency withdrawal service (hereinafter referred to as “withdrawal / withdrawal service”). We will reopen,” the exchange said.

FTX Japan stated that to proceed with withdrawals, users who have crypto assets on the exchange’s account must confirm their assets’ balance and transfer them to their Liquid Japan account. The company added that it has also mailed eligible users about the withdrawal procedures.

“We have sent an email to all eligible customers regarding the details of the procedures. If you have not completed the procedure, please follow the instructions in the email and complete the process,” FTX Japan said.

FTX Japan Plans to Resume Other Services Soon

The crypto exchange noted that withdrawal procedures might take some time due to a large number of requests from users. FTX Japan said it also plans to resume other services in the near future.

Meanwhile, the development comes nearly two months after FTX Japan promised to return users’ assets this month after halting withdrawals in November following FTX’s bankruptcy filing.

At the time, FTX shared a roadmap on how it intends to return customers’ assets stuck on its platform. The company also stated at the time it was developing systems that would enable users’ assets to be returned through the Liquid platform.

FTX Japan has approximately 19.6 billion yen (Approx. $146.2 million) in cash and deposits as of November 10, according to reports. The report stated that the exchange’s assets exceed its liabilities and hold digital assets for around 100,000 customers.