FTX Japan Crypto Exchange to Resume Withdrawals Today – Here's What's Happening
Fallen crypto exchange FTX's Japanese arm, FTX Japan, has resumed withdrawals.
The Monday announcements said that the firm would resume services for withdrawing fiat currency and cryptoassets of FTX Japan at noon on Tuesday (JST) via the Liquid Japan platform - a crypto trading platform acquired by FTX last spring and the owner of a licensed Japanese crypto exchange Quoine.
It added that withdrawals may not be an instant process, and that other services are in plans for reopening as well, stating that,
"Please note that due to the large number of requests from customers, it may take some time for the withdrawal process to be completed. We will announce the resumption of other FTX Japan services as soon as possible."
To withdraw their funds, FTX Japan customers need to:
As for this third step, FTX Japan said it would contact users via email to explain how to complete this step, after which it would send another email inviting those users to link the two accounts.
It added that there are no fees for the transfer from FTX Japan to the Liquid Japan account.
USD balances in Liquid Japan accounts will have to be converted to JPY for withdrawal, per the FAQ site.
The exchange said that it sent the details of this procedure to all eligible customers, with instructions on how to complete the entire process. Steps to be completed in the process can be found at this link as well.
In August 2021, Liquid Global experienced a hack in which more than $90 million was stolen. Soon after, the team announced that FTX had lent $120 million in debt financing and that the two entities would continue working together in pursuit of further collaborative opportunities.
In 2022, Liquid and Quoine were acquired by FTX, changing the company name to 'FTX
Read more on cryptonews.com
