Report: FTX Japan will resume withdrawals by 2023
Japan’s Financial Services Agency requested that the exchange stop business orders on Nov. 10, prior to FTX Group’s bankruptcy filings in the United States. News Crypto exchange FTX’s Japanese subsidiary, FTX Japan plans to resume withdrawals by 2022, according to a report by NHK Japan-based news outlet. Japan’s Financial Services Agency (or FSA) requested that the exchange suspend business orders on November 10, prior to FTX Japan Group declaring bankruptcy in the United States. The order was issued after NHK reported that FTX Japan had been making preparations to resume withdrawals. Unless directed by the financial regulator, FTX Japan was required to suspend over-the counter derivatives transactions and associated margins from Nov. 10 through Dec. 9. FTX Japan was required to submit a plan on how it intended to protect investors and provide transparency about the ongoing situation by Nov. 16. The Japan-based company was also reportedly up for sale in the midst of FTX Trading’s bankruptcy proceedings. Liquid, a company of the FTX Group, also based in Japan announced that it had halted “all forms” of trading due to Chapter 11 bankruptcy filings. LedgerX, which is owned by FTX USA under the firm West Realm Shire Services may be exempted as a debtor in FTX bankruptcy filings.