By the end of 2022, FTX Japan, the Japanese subsidiary of crypto exchange FTX, plans to resume withdrawals, according to the report.
Still making the preparation
The Japanese news site NHK reported that FTX Japan’s customers aren’t currently able to withdraw assets since its system connects to the parent company’s network. In order to resolve this problem, FTX Japan is developing its own withdrawal system.
Even so, its liquidator and new CEO John Jay Ray III says it was also in debt similar to FTX EU and many other subsidiaries.
FTX Japan had approximately 19.6 billion yen in cash, more than $138 million when it ceased operations on Nov. 10, NHK reported.
“Other subsidiaries – such as FTX Japan KK, Quoine Pte. Ltd, FTX Turkey Teknoloji Ve Ticaret A.Ş., FTX EU Ltd, FTX Exchange FZE and Zubr Exchange Ltd – are debtors,” he said.
“Either way, it will be a priority of ours in the coming weeks to explore sales, recapitalizations or other strategic transactions with respect to these subsidiaries, and others that we identify as our work continues,” he added.
The plan is a good news for crypto users
While FTX Japan may or may not ultimately be able to resume withdrawals, FTX remains in hot water overall as it owes more than $3 billion to its largest 50 creditors and withdrawals have ceased universally.
In the light of a series of cryptocurrency company bankruptcy and the uncertainty of the market, the plan proved to be a good news source for crypto users.
“At least in the midst of bad news it is good to hear one in favor of investors,” said one Twitter user.
“Good news and hope this comes true, December is just around. Let’s wait patiently till thenn,” said another user.
Good news and hope this comes true, December is just around. Let's wait patiently till thenn
— Moninuola (@mathewjones2470) November 21, 2022