FTX Subsidiary To Begin Returning Crypto Assets to Users in Full Next Year
A subsidiary of bankrupt crypto exchange FTX is set to start returning digital assets to users in full as soon as next year.
According to a new blog post by FTX Japan, the crypto firm says it will grant eligible customers the ability to withdraw their funds after the high-profile collapse of its parent company forced it to shut down its services for several weeks.
“We deeply apologize for causing great concern and inconvenience to our customers due to the long-term suspension of the service.
For the assets entrusted to us by our customers at FTX Japan and Liquid Japan, we are proceeding with system development so that withdrawals will be possible from the Liquid Japan web version.
Specifically, you will be able to check your FTX Japan balance from the Liquid Japan web version, and then you will be able to withdraw/take out.”
The firm was exempt from its parent company’s bankruptcy proceedings as all of its customer funds remained intact.
FTX Japan says that users who have both FTX Japan and Liquid Japan accounts are eligible to withdraw their funds. The firm says that it will give FTX Japan users an opportunity to create Liquid Japan accounts via email sometime in January. Liquid Japan was a crypto exchange acquired by FTX in February 2022.
After signing up and going through the company’s verification procedure, users can then move their assets from FTX Japan to Liquid Japan and then withdraw them directly from Liquid Japan, according to the post.
FTX initially filed for bankruptcy in early November after its founder Sam Bankman-Fried was accused of defrauding investors and mishandling customer funds. He’s currently out on bail awaiting trial.
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