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FTX Japan Plans to Restart Local Customer Withdrawals
The crypto exchange's subsidiary has confirmed Japanese customer funds will remain separate from the ongoing bankruptcy proceedings in the U.S.
Updated Dec 2, 2022, 3:32 p.m. Published Dec 2, 2022, 12:12 p.m.
FTX Japan is looking to restart withdrawals after a plan to return deposits was approved by its parent, the failed FTX exchange.
If the plan works out, the collapsed crypto exchange's users in Japan might be some of the first customers to get their money back.
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Withdrawals from FTX Japan were halted on Nov. 8 after local financial regulators ordered the exchange to suspend services. Sam Bankman-Fried's global enterprise, FTX Trading Ltd., filed for Chapter 11 bankruptcy protection in the U.S. three days later.
In a notice posted on its website, FTX Japan said it was able to confirm with the company's bankruptcy lawyers in the U.S. that Japanese customers' funds "should not be part of FTX Japan’s estate given how these assets are held and property interests under Japanese law."
FTX Japan had been working on the plan to restart withdrawals for the last two weeks, and says it was approved by the FTX Trading management team.
Read more: FTX Japan Preparing to Allow Withdrawals by Year End: Report
"Development work for this plan has already started and our engineering teams are working to allow FTX Japan users to withdraw their funds. As part of the plan, we are incorporating controls, security audit, reconciliations and reviews to put in place a robust and secure process," the notice said.
The subsidiary is set to "publish information about customer assets held in segregated wallets"and in a trust account each Monday, according to the notice.
"FTX Japan aims to publish additional information regarding the resumption of withdrawals for FTX Japan users in short order," the notice said.
Read more: FTX’s Collapse Was a Crime, Not an Accident
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