FTX Japan Reveals Details of Client Funds Refund Plan


Bitcoin Exchange FTX Japan (Liquid) introduced return plan for clients.

The process will be different for FTX Japan and Liquid Japan account holders.

“We continue to develop a system that allows you to withdraw funds from the web version of Liquid Japan. Specifically, users will be able to check their FTX Japan balance on the web version of Liquid Japan and then access the assets.” says the platform blog.

For this category of clients, you will need to open an account with the latter, transfer funds from FTX Japan to the exchange. Appropriate notifications will be sent by email after the completion of the external security audit.

When opening an account, it is possible that a requirement to pass KYC-procedure.

Liquid Japan customers will be able to withdraw funds as usual.

Users of FTX Japan (Liquid) found themselves outside the scope of the parent company’s bankruptcy proceedings. This became possible due to the segregation of user assets and the platform itself, in accordance with the laws of Japan. This obligation applies to funds in both fiat and cryptocurrencies.

In February, FTX took over the Japanese crypto exchange and related structures. In the summer, Sam Bankman-Fried’s company announced the launch of a local branch, renaming Liquid to FTX Japan KK

In November, the Japan Financial Services Agency ordered the platform to suspend operations and go into close-only mode.

Recall that on November 11, Liquid froze the withdrawal of funds. Five days later, the exchange stopped trading.

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