Skip to main content

Bankrupt Crypto Exchange FTX to Start Letting Customers in Japan Withdraw Funds

Crypto Exchange FTX to Start Returning Funds to Customers in Japan

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.

FTX’s Japanese Customers Can Withdraw Funds Soon

Two FTX-owned cryptocurrency exchanges in Japan — FTX Japan and Liquid — jointly announced Thursday that their users will be able to withdraw funds by mid-February. The two crypto exchanges announced:

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 website.

To withdraw funds, FTX Japan’s customers will need to open an account with Liquid and transfer their assets to the Liquid platform. The exchanges plan to allow withdrawals by mid-February, according to the joint announcement.

Japanese exchange Liquid was acquired by FTX earlier this year. The deal included Quoine Corp., one of the first crypto exchanges to successfully register in 2017 with Japan’s top financial regulator, the Financial Services Agency (FSA).

The acquisition followed a major hack where about $90 million worth of cryptocurrencies were stolen from the Liquid platform. FTX then provided Liquid with $120 million of debt financing at that time.

FTX filed for bankruptcy on Nov. 11. However, FTX Japan said on Dec. 1 that it had confirmed with lawyers for the FTX group that “Japanese customer cash and cryptocurrency should not be part of FTX Japan’s estate given how these assets are held and property interests under Japanese law.”

In November, the FSA issued three orders against FTX Japan: a business suspension order, an order to hold assets domestically, and a business improvement order. The orders followed the exchange abruptly halting customer withdrawals. The following day, FTX filed for bankruptcy in the U.S. The exchange and former CEO Sam Bankman-Fried (SBF) have been charged by the U.S. government and regulators with multiple counts of fraud.

What do you think about FTX Japan allowing customers to withdraw funds? Let us know in the comments section below.



from Bitcoin News https://ift.tt/71DxpVC
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more