Withdrawals to return by 2023, says FTS Japan

The FTX Japan subsidiary plans to reactivate withdrawals by the end of 2022. This was documented in a report dated November 21, according to Japanese media NHK.

Japan’s Financial Services Agency, FSA, announced that it had “taken some administrative measures against Exchange FTX Japan’s subsidiary, because the parent company was facing credit uncertainties”.

It seems that the indications were clear. The orders were to suspend over-the-counter (OTC) derivatives trading, related margins and new deposits to all users as of November 10.

However, FTX Japan was also required to submit a plan explaining how they would protect investors. This happened on November 16.

According to statements from an unidentified executive of the Japanese exchange: “NHK reported that FTX Japan had 19.6 billion yen in cash, more than $138 million, on November 10, when it halted operations.

As was the case with the Japanese subsidiary, other FTX subsidiaries took similar measures in response to the investigations against FTX. LIQUID, another of the FTX Group companies, also based in Japan, announced that it suspended all forms of trading by adhering to Chapter 11 of the Bankruptcy Law.

Finally, LedgerX, a company owned by FTX US, was exempted as a debtor in the FTX Exchange bankruptcy filing.

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