FTX Japan Set To Resume Withdrawals On 21 February

FTX’s Japanese subsidiary will allow customers to withdraw their funds starting 21 February 2023.
All withdrawals will be processed through a platform called Liquid Japan.
FTX Japan suspended withdrawals in November last year following liquidity concerns at its parent firm.
Native token FTT has gained more than 22% since the announcement.

FTX Japan, the Japanese arm of Sam Bankman-Fried’s failed crypto exchange, is set to resume withdrawals on 21 February. Thousands of customers with funds stranded on the platform will be able to withdraw fiat currencies and crypto assets starting 12:00 pm JST tomorrow.

FTX Japan’s latest holdings

According to a report by FTX Japan regarding their latest crypto assets holdings, as of today, the exchange holds more than 71 million XRP, 19,288 ETH, 3,992 BTC, 347,955 FTT, 2.2 million DOGE, 182,920 SOL, among several other crypto assets. As per the conversion rate at the time of writing, the value of the exchange’s latest crypto holdings in its cold wallet comes out to be more than $165 million. This figure does not include the surplus interest.

The company clarified that U.S Dollar deposits made by customers are managed separately. Other than the crypto assets mentioned above, the exchange held 4.3 million USDC and $15.8 million in cash as of 20 February 2023. These funds are held in trust accounts within Japan.

“We would like to express our deepest apologies for the great concern and inconvenience caused to our customers due to the long-term suspension of our services.”

As reported earlier, all withdrawals will be processed through Liquid Japan, a platform owned by FTX. Customers will have to confirm their balances on the exchange’s website and subsequently register with Liquid to be able to withdraw their funds. The company has informed users that the withdrawal procedure may be lengthy due to the sheer number of customers that are expected to line up to withdraw their funds.

News of the resumption of withdrawals sent FTX’s native token FTT soaring. The token gained more than 18% within an hour of the announcement. FTT is currently trading at $1.88. Opportunistic traders scrambled to capitalize on this bullish announcement, leading to a 237% increase in the token’s trading volume.

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