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FTX Japan Preparing to Allow Withdrawals by Year End: Report
The payment system for withdrawals is still suspended for now.
Updated May 9, 2023, 4:03 a.m. Published Nov 21, 2022, 10:52 a.m. 1 min read
The Japanese arm of bankrupt crypto exchange FTX is preparing to resume customer withdrawals by the end of the year, according to a report by broadcaster NHK on Monday.
An unnamed executive of exchange said in an interview that withdrawals cannot be resumed immediately because FTX Japan uses the same payment system as its parent company and that system is still suspended.
He added, though, that FTX Japan is preparing for when withdrawals will be possible. The aim is the end of the year.
FTX Japan had about 19.6 billion yen ($138 million) in deposits as of Nov. 10, according to the interview reported by NHK.
The exchange was ordered by the country's Financial Services Agency to suspend operations on Nov. 10 amid the sudden decline and fall of Sam Bankman-Fried's crypto empire.
FTX filed for bankruptcy in the U.S. on Nov. 11. According to court documents, it owes $3.1 billion to its largest 50 creditors, the biggest claim of which is worth $226 million.
Read more: Understanding the FTX Fallout From the Eyes of a Bitcoiner
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