FTX Customers in Japan to Withdraw Funds From Bankruptcy By Mid-February

• FTX customers in Japan will soon be able to withdraw their funds that are currently frozen due to the bankruptcy process.
• Two FTX-owned crypto exchanges, FTX Japan and Liquid, are developing a system to allow withdrawals by mid-February.
• Japanese exchange Liquid was acquired by FTX earlier this year.

FTX customers in Japan will soon have access to their funds that have been frozen due to the bankruptcy process. The two FTX-owned crypto exchanges, FTX Japan and Liquid, have announced that they are working on a system that will allow users to withdraw their funds by mid-February.

The news comes after Japanese exchange Liquid was acquired by FTX earlier this year. The acquisition included Quoine Corp., one of the first crypto exchanges to register with Japan’s top financial regulator, the Financial Services Agency (FSA). The deal included debt financing of $120 million, provided by FTX, after a major hack resulted in the loss of $90 million worth of cryptocurrencies from the Liquid platform.

FTX then filed for bankruptcy on Nov. 11, leaving customers in Japan unable to access their funds. However, FTX Japan confirmed on Dec. 1 that their customers’ assets should not be part of the bankruptcy estate under Japanese law. This announcement was followed by the FSA issuing three orders against FTX Japan: a business suspension order, a business improvement order, and a penalty payment order.

Now, the two FTX-owned crypto exchanges have announced that their users will be able to withdraw funds by mid-February. To do so, customers will need to open an account with Liquid and transfer their assets to the Liquid platform.

The news is a relief for customers who have been unable to access their funds since FTX’s bankruptcy filing. It is also a positive sign for the crypto industry in Japan, as the country is taking steps to ensure the safety of investor funds and clamp down on illegal activity in the space.