The FTX subsidiaries in Japan indicated in a statement that in mid-February they will begin to return the funds to users, taking into account that they are not part of the FTX Group assets.

After this platform declared bankruptcy and the arrest of its CEO, Sam Bankman-Fried, there was a domino effect that dragged down its affiliates and other cryptocurrency exchanges.

However, recently FTX Japan and Liquid Japan, subsidiaries of FTX in the Asian country, decided to return the funds to the clients, after determining that the money is not part of the funds of the central company.

To access their money, FTX Japan users will need to open an account with Liquid and then transfer to Liquid. A verification of the funds will be made, to be returned to the clients.

The Japanese authorities have made the decision to return the funds to their legal owners, in the midst of a scenario full of doubts and risks. Despite being optimistic, they admit that the FTX situation is not resolved and that delays in the redemption of funds could occur.

M.Pine

Source: diariobitcoin

(Referential image source: dpa; BSM.UPF.EDU / Europa Press)

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La entrada FTX Japan clients will be able to withdraw funds in February apareció primero en Bitfinance.

In an announcement made Monday, the FTX affiliate in Japan unveiled the possibility of reinstating cryptocurrency withdrawals to its clients later this year.

FTX Japan had complied with the order issued by the country’s Financial Services Agency regarding the suspension of business operations on November 10. This happened before the conglomerate FTX Group announced that it was filing for bankruptcy.

It is important to highlight that the fall of this group generated serious consequences in the global crypto environment. Japan was no exception. In the Asian country, the associated companies FTX Japan Holdings, FTX Japan and FTX Japan Services were affected.

The activities that had been suspended, and that could be reactivated at the end of 2022, are “OTC derivatives, as well as new user deposits on the exchange.”

Meanwhile, investigations continue in the United States in order to determine responsibilities in this general collapse, caused by FTX and which affected an average of 130 companies in the crypto environment.

M.Pino

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Source: morocotacoin

La entrada FTX subsidiary in Japan studies reactivating withdrawals at the end of 2022 apareció primero en Bitfinance.