Connect with us

Global News

FTX’s Liquid Japan to start returning customer assets in 2023



FTX’s Liquid Japan to start returning customer assets in 2023
Source: Pexels

  • Liquid Japan to start processing refunds from 2023.
  • The exchange halted withdrawals in November 2022 following FTX’s collapse.

Liquid Japan, a Japanese crypto exchange owned by FTX, has revealed its plans to return customer assets next year. The bankrupt exchange’s Japanese subsidiary has released a statement that outlined the timeline and the roadmap for the proposed returns.

Returns to begin in mid-February

According to the statement released by Liquid Japan, the firm is currently undergoing a system development. Following this, FTX Japan and Liquid Japan customers will be able to withdraw their assets through Liquid Japan’s web version. 

The exchange’s statement read:

“Specifically, you will be able to check your FTX Japan balance from the Liquid Japan web version, and then you will be able to withdraw/take out. Customers using the Liquid Japan platform will be able to withdraw as usual.”

As for the roadmap and the timeline of the returns, the firm has stated that eligible customers will first have to open an account with Liquid. Following this, they will be able to view their balance and transfer their assets from FTX Japan into Liquid Japan. All withdrawals will be processed on the Japanese subsidiary’s website. Further updates regarding this process will be available from January 2023. 

Withdrawals suspended since November

This decision marks a rather unique event wherein the firm has made an effort to put its customers first. Thousands of people having accounts with various exchanges and lenders have been left stranded this crypto winter, following FTX’s collapse. 

The announcement to return customer assets came over a month after Liquid Japan suspended withdrawals on its platform. The decision was made on 15 November, in light of the liquidity issues induced by parent firm FTX, which is currently undergoing Chapter 11 bankruptcy proceedings. 

FTX Japan had revealed on 1 December that due to Japanese regulations, the exchange’s customer assets would not be included in FTX Japan’s estate. Subsequently, the subsidiary announced that it would draft a plan to return said customer assets. 

Meanwhile, there has been a development regarding the customer assets of the parent firm, FTX. According to a press release by the Securities Commission of The Bahamas, Bahamian regulators hold FTX deposits worth more than $3.5 billion.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.