FTX Japanese subsidiary preparing to resume withdrawals by year end: NHK

Quick Take

  • FTX Japan plans to resume customer withdrawals by the end of the year, according to Japanese broadcaster NHK.
  • Withdrawals cannot be resumed immediately as FTX Japan uses the same suspended payment system as its parent company.
  • The country’s Financial Services Agency ordered the exchange to suspend operations on Nov. 10.

FTX Japan plans to resume customer withdrawals by the end of the year, according to Japanese public broadcaster NHK.

Withdrawals cannot be resumed immediately as the exchange uses the same suspended payment system as its parent company FTX, said the report, citing an unnamed executive. It is now developing its own system to allow customers to withdraw assets.

The country’s Financial Services Agency ordered FTX Japan to suspend operations on Nov. 10. It held 19.6 billion yen ($138 million) in deposits at the time it ceased operations.

FTX, which filed for bankruptcy protection earlier this month, itself owes approximately $3.1 billion to creditors. As a result, it may may sell off subsidiaries including FTX Japan, NHK reported. 

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FTX Japan isn’t FTX’s only subsidiary facing trouble in the country. It also owns crypto exchange Liquid, which announced the suspension of withdrawals on its Liquid Global Platform on Nov. 15. 

On Nov. 20 it also suspended trading on its platform on instruction of the legal team acting for FTX.


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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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About Author

Callan Quinn is an NFT, gaming and metaverse reporter. She started her career working for the expat magazine City Weekend in Guangzhou, China. She also has worked as a business journalist in the UK, Somaliland and the republic of Georgia. Before joining The Block, she was a freelance journalist covering the Chinese tech industry. She speaks Mandarin, French and German. Get in touch via Twitter @quinnishvili or email [email protected].

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