FTX Japan is trying to make customers whole
FTX Japan is hoping to restart withdrawals for its customers in Japan, who were affected when the exchange had to suspend services on November 8th. This plan was approved by FTX Trading Ltd., the global enterprise of Sam Bankman-Fried, which filed for Chapter 11 bankruptcy three days later. FTX Japan has started development work to allow customers to withdraw their funds, incorporating controls and security audits for a robust and secure process. The company plans to publish information about customer assets held in segregated wallets and in trust accounts each Monday and hopes to announce the resumption of withdrawals soon.
Quick Summary:
- FTX Japan is looking to restart withdrawals after a plan to return deposits was approved by its bankrupt parent FTX
- Withdrawals from FTX Japan were halted on Nov. 8 after local financial regulators ordered the exchange to suspend services
- FTX Japan had been working on the plan to restart withdrawals for the last two weeks and says it was approved by the FTX Trading management team
- FTX Japan is set to publish information about customer assets held in segregated wallets and in a trust account each Monday
- FTX Japan aims to publish additional information regarding the resumption of withdrawals for FTX Japan users in short order
FTX Japan is looking to restart withdrawals after the approval of a plan to return deposits from its bankrupt parent FTX. The exchange was forced to suspend services on November 8th after local financial regulators ordered it to do so. FTX Trading Ltd., the global enterprise of Sam Bankman-Fried, then filed for chapter 11 bankruptcy in the U.S. three days later.
FTX Japan has been working on the plan to restart withdrawals for the last two weeks and it has now been approved by the FTX Trading management team. The subsidiary is set to publish information about customer assets held in segregated wallets and in a trust account each Monday. Additionally, they will be incorporating controls, security audit, reconciliations, and reviews to put in place a robust and secure process.
FTX Japan has stated that they aim to publish additional information regarding the resumption of withdrawals for FTX Japan users in short order. This is great news for customers of the exchange who may soon be able to get their money back. It is also a positive sign for the crypto industry as a whole, as it shows that exchanges are taking steps to ensure the security of customer funds and that the industry is becoming more regulated.
FAQ
1. When will FTX Japan restart withdrawals?
2. How will customer assets be held in segregated wallets?
3. Who approved the plan to restart withdrawals?
4. When will information about customer assets held in segregated wallets be published?
5. Will customers be some of the first to get their money back?
