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FTX Japan Has Launched a Customer Refund


FTX Japan has launched a customer refund. Following confirmation that its client assets were not included in the liquidation process of its parent company, the Japanese subsidiary of the defunct crypto exchange FTX has announced plans to start withdrawing funds.

The company updated its website on Dec. 1 to demonstrate that its clients’ assets “should not be invested” in FTX Japan due to Japanese laws requiring crypto exchanges to distribute funds to clients of their assets. FTX Group’s attorneys in the Chapter 11 bankruptcy filing, Landis Rath & Cobb LLP, confirmed this.

After acquiring Japanese cryptocurrency exchange Liquid on February 2, FTX Japan only opened for trading in June this year. The purpose of this change is to accommodate the customers of Japanese products.

However, on November 8, FTX Japan followed the lead of its parent company and stopped taking off due to liquidity issues. A few days later, on November 10, the Japan Financial Services Agency said it had taken disciplinary action against FTXJ and ordered it to stop accepting new deposits and follow business improvement measures.

Since then, FTX Japan has stated that making withdrawals a top priority. The exchange hopes to do this by the end of 2022. Users will have the process to resume withdrawing money as soon as it has recently confirmed that their assets are not considered part of the exchange’s assets. The company said that “money and cryptocurrency of Japanese customers should not be part of the FTX Japan estate given how these assets are held and owned under Japanese law.”

According to FTX Japan, the company’s managers have spoken to Japanese regulators and submitted an initial exit plan, which means that further negotiations will take place “when important points are reached”.

FTX CEO denies involvement in fraud

Meanwhile, Sam Bankman-Fried, the creator of FTX and the former CEO of the cryptocurrency exchange that filed for bankruptcy, denied involvement in the fraud of the company, according to a recent report. He went on to apologize by admitting his mistakes, including the fact that he had not done his job well with collectors, traders and investors.

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