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FTX Japan Users Can Start Withdrawing From Tomorrow

Good news for FTX Japan users whilst other FTX subsidiary customers wait in limbo

Image credit: Mark König on Unsplash

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Customers of FTX's Japanese subsidiary will be able to withdraw their crypto and fiat currency starting from tomorrow.

Crypto platform Liquid Japan, purchased by FTX last year, will facilitate the withdrawal process.

FTX Japan paused withdrawals in November 2022 when FTX filed for bankruptcy along with its 134 subsidiaries. The Japanese subsidiary had only launched in June 2022.

"Japan is a highly regulated market with a potential market size of almost $1 trillion when it comes to cryptocurrency trading,” CEO Sam Bankman-Fried stated at the time.

In a blog post, FTX Japan stated, “We would like to express our deepest apologies. The bankruptcy of our parent company [...] has had a wide range of impacts, and we have had to wait for a long time to resume operations.”

Eligible customers for the withdrawal have been notified via email, the company stated. Those wishing to withdraw must create a Liquid Japan account and confirm their existing FTX Japan account balance.

In December, Bloomberg reported that FTX Japan held about US$94.5 million in crypto assets and US$46 million in fiat currency in designated client accounts.

The news provides some hope for FTX customers stuck on its other subsidiaries, but as of yet their fate is yet to be determined.

Galois Capital recently announced it is closing its doors after half its assets are still trapped on crypto exchange FTX.

Read more: Galois Shuts Down With Half of Assets Stuck on FTX

CBDC Trial

Last Friday, Bank of Japan (BoJ) announced a pilot programme that will test the feasibility of its central bank digital currency (CBDC), the digital yen, in April. The program will have two objectives: to test the technical feasibility of the digital yen and to utilize the insights and skills of private businesses to design a CBDC ecosystem in preparation for social implementation.

The Bank of Japan has been conducting proof-of-concept experiments for more than two years around the digital yen, as China's digital yuan continues to lead the global CBDC race. However, the pilot is not expected to see any actual transactions between retailers and consumers, the bank said.

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