FTX Japan Preparing to Allow Withdrawals by Year End: Report

The payment system for withdrawals is still suspended for now.

AccessTimeIconNov 21, 2022 at 10:52 a.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC
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The Japanese arm of bankrupt crypto exchange FTX is preparing to resume customer withdrawals by the end of the year, according to a report by broadcaster NHK on Monday.

An unnamed executive of exchange said in an interview that withdrawals cannot be resumed immediately because FTX Japan uses the same payment system as its parent company and that system is still suspended.

He added, though, that FTX Japan is preparing for when withdrawals will be possible. The aim is the end of the year.

FTX Japan had about 19.6 billion yen ($138 million) in deposits as of Nov. 10, according to the interview reported by NHK.

The exchange was ordered by the country's Financial Services Agency to suspend operations on Nov. 10 amid the sudden decline and fall of Sam Bankman-Fried's crypto empire.

FTX filed for bankruptcy in the U.S. on Nov. 11. According to court documents, it owes $3.1 billion to its largest 50 creditors, the biggest claim of which is worth $226 million.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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