FTX Japan, the arm of bankrupt cryptocurrency exchange FTX, reported that it will begin returning client assets in mid-February.
The volatility continues in the crypto industry. The continuation of the bear trend in the crypto money market brought along difficult processes for many crypto projects. On the other hand, FTX continues to struggle with legal processes and bankruptcy processes. The collapse of the stock market brought millions of creditors with it. Finally, FTX Japan, the country arm of FTX, made a statement about customer returns.
FTX Japan Marks February for Customer Returns
FTX Japan announced on its website that customer returns will begin in February. The country unit of the exchange has set a timeline for refunds regardless of the overall stock market reaction.
FTX, which went bankrupt after a sensational collapse, faces $3.1 billion in debt to its 50 wealthiest customers globally. The questioning of former CEO Sam Bankman-Fried and the new CEO’s bankruptcy recovery moves were on the agenda.
On the other hand, FTX Japan addressed its customers through the website of Liquid Japan, which it acquired. The Japanese arm of the exchange stated that they are working on systems that will allow customers to withdraw their assets.
According to the statement, customers are required to open a Liquid Japan membership in January. Afterwards, customers who provide balance checks will be able to make withdrawals as early as mid-February.
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