Since the suspension of FTX Japan withdrawals on 08-November 2022, the focus of his team has been to re-enable withdrawals for both crypto and fiat assets under custody in FTX Japan, he explained.
FTX Japan Shares Some Important Updates For Its Users
The company made the following statements for Users:
Over the past 2 weeks, we have prepared a plan for the withdrawal service restart, which has been shared and approved with the new FTX Trading management team.
Development work for this plan has already begun and our engineering teams are working to allow FTX Japan users to withdraw their funds.
As part of the plan, we include controls, security audit, reconciliations and reviews to implement a robust and secure process.
FTX Japan aims to release additional information regarding the resumption of withdrawals for FTX Japan users shortly.
This week, we were able to confirm with the law firm representing FTX group in Chapter 11 bankruptcy proceedings that Japanese client cash and cryptocurrency should not be part of FTX Japan’s property given how these assets are held and their ownership interests under Japanese law.
On this basis, FTX Japan plans to continue its withdrawal service as usual.
The management of FTX Japan is in regular dialogue with the Japan Financial Services Authority and Kanto Finance Bureau regarding the re-activation of the withdrawal service and the current status of Chapter 11 bankruptcy proceedings pending in the United States.
A first draft of the plan has been shared and further consultation will be held regularly as key milestones are reached.
Related Content: Flash Development in FTX Bankruptcy: What Have U.S. Treasury Officials Requested From The Court?
We continue to publish information on client assets held in segregated wallets and SBI Clearing Trust account every Monday.
We will continue to do so as long as the business development order remains in effect. Private keys of segregated asset wallets are always kept offline and are under the sole control of the Japan operations team.
We apologize to FTX Japan users for the delay in service and the inconvenience this has caused. Reactivating the withdrawal service is our top priority and we appreciate your understanding and support.
It is not investment advice.