The amount of money withdrawn by users from FTX Japan on the first day has been announced!

FTX Japan, which similarly froze users’ funds after FTX’s bankruptcy, restarted withdrawals.

In the official statement made by FTX Japan, it was reported that 7,026 users attracted approximately $ 50 million.

FTX Japan Starts Reimbursement to Users Through Japanese Authorities

Earlier this week, FTX Japan started beta testing the balance transfer process for a randomly selected group of customer accounts. The Japanese subsidiary will be taking the feedback to make the process of confirming and transferring balances “as transparent as possible” for the broader set of FTX users.

This development comes just two months after the exchange set a timeline for recovering client funds and resuming asset withdrawals as early as February.

The exchange has developed a recovery system that allows affected users to get their holdings back through Liquid Japan, the first exchange officially licensed by the Japan Financial Services Agency (JFSA).

The Japanese observer first ordered FTX Japan to suspend operations until December 9 and draw up a “business development plan”. It was then given an additional three months, until March 9, to fulfill the regulator’s orders. The extension was due to the exchange still not being able to return client assets and their trading systems continued to be dysfunctional.

Pursuant to the instructions, FTX Japan suspended new deposits as well as over-the-counter derivatives and related collateral. In addition, during the suspension period, new account opening, spot trading, fiat currency deposits, incoming cryptocurrency informed users that services related to transfers and derivative transactions were stopped.

*Not investment advice.