FTX Japan readies for resumption of withdrawals by end-2022: report
FTX Japan, a subsidiary of the now-bankrupt FTX.com, is preparing to resume withdrawals by the end of 2022 to Japanese customers, said an unnamed FTX Japan executive to local broadcaster NHK.
See related article: FTX owes US$3.1 billion to top 50 unnamed creditors, court filing shows
Fast facts
- Withdrawals cannot resume immediately because FTX Japan uses the same payment system as its parent company FTX.com, which has frozen withdrawals, according to the NHK report.
- FTX Japan is developing a system to facilitate the withdrawal of assets, the executive added.
- As of Nov. 10, FTX Japan has about 19.6 billion yen (US$138 million) in cash and deposits, according to NHK reports.
- On Nov. 11, FTX Japan was ordered by the country’s Financial Services Agency to suspend operations until Dec. 9 while a “business improvement plan” was put in place.
- FTX and its affiliates filed for bankruptcy on Nov.11, and the hearing for motions will be held in the U.S. at 12 a.m. Hong Kong time on Tuesday.
See related article: Singapore’s Temasek writes off US$275M in FTX
