A bankrupt subsidiary of crypto exchange FTX plans to begin returning digital assets to its users in full within the next year.
The crypto firm claims it will give eligible customers the opportunity to withdraw their funds, according to a new post from FTX Japan. This is after the highly publicized collapse of its parent company.
“We are deeply sorry for the inconvenience caused to our customers by the long-term suspension.
We are working on system development to make it possible for customers of FTX Japan (and Liquid Japan) to withdraw assets.
You will be able to check your FTX Japan balance via the Liquid Japan website. After that you can withdraw/take-out.
The firm was exempt from bankruptcy proceedings against its parent company, since all its customer funds were intact.
FTX Japan claims that users who have both FTX Japan (and Liquid Japan) accounts are eligible for withdrawals. According to the company, FTX Japan users will have the opportunity to set up Liquid Japan accounts via email. This is expected to happen sometime in January. FTX acquired Liquid Japan, a crypto exchange, in February 2022.
After signing up, the company will verify that the user has completed the required steps. Users can then move assets from FTX Japan onto Liquid Japan. They can also withdraw these assets directly from Liquid Japan.
FTX was originally declared bankrupt in November, after Sam Bankman Fried, a founder of the company, was accused of defrauding investors. He is currently free on bail while he awaits trial.