FTX Japan is taking steps to ensure that its customers are able to access their funds again. The company is in the process of developing a system that will allow customers to withdraw their assets from Liquid Japan, FTX Japan’s crypto exchange which it acquired earlier this year. This system should be up and running by mid-February, allowing customers to transfer funds from FTX Japan to Liquid Japan and then withdraw them. This is a welcome development for FTX worldwide customers who have been unable to access their money since the company entered bankruptcy and placed a block on withdrawals last month.
FTX, recently filed for bankruptcy due to mounting debt and financial struggles. The company had been facing difficulties for some time, and the filing for bankruptcy is a result of these struggles. With this move, FTX hopes to restructure its debt and continue running its business. Many of the firm’s creditors are expected to be affected by the bankruptcy filing, and it remains to be seen how FTX will navigate through this difficult time.
Liquid is a world-leading fintech company with offices in Japan, Singapore and Vietnam. It was one of the first crypto asset exchangers to be registered by Japan’s Financial Services Agency in 2017, and in 2019 its annual global trading volume was over US$60 billion. By providing a secure and transparent platform for trading, Liquid has become a major player in the crypto asset exchange market. With its innovative technologies and services, Liquid is setting the standards for the future of fintech.