Customers will be able to withdraw money from FTX Japan starting in mid-February

Customers of FTX Japan will be among the first of the defunct cryptocurrency exchange’s customers to receive their money returned, according to a blog post published on Thursday by FTX Trading’s subsidiary.

FTX Japan to Allow Customers to Withdraw Funds Starting in Mid-February

The funds of Japanese clients “should not be part of FTX Japan’s estate given how these assets are handled and property interests under Japanese law,” according to FTX Japan’s previous confirmation with the company’s bankruptcy attorneys in the U.S.

Customers of FTX Japan will first be instructed to open an account with Liquid Japan, a regional cryptocurrency exchange that FTX earlier this year purchased. This will happen in mid-January. Then, as of mid-February, withdrawals will be made possible once consumers check their accounts.

According to the statement, the refund process will have three key milestones as follows:

  • Milestone 1: Open a Liquid Japan account

Eligible FTX Japan customers will receive an email with a link to open a Liquid Japan website version account.

  • Milestone 2: Check balances and transfer assets

Users can now log into Liquid Japan to check their balance and transfer assets from FTX Japan to Liquid Japan.

  • Milestone 3: Withdrawal and remittance services resumed

Users are allowed to withdraw and transfer funds from Liquid Japan.

Accordingly, eligible customers will receive an email with information on how to open a Liquid account by mid-January 2023. When opening an account, FTX Japan may need to verify the customer’s identity. However, the business warned that the schedule can shift “depending on the progress of the external security audit.”

On Nov. 8, after the exchange’s operations were ordered to be suspended by local financial regulators, withdrawals from FTX Japan were initially halted. Three days later, Sam Bankman-multinational Fried’s company, FTX Trading Ltd., requested Chapter 11 bankruptcy protection in the United States.

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