FTX Japan, the Japanese branch of cryptocurrency exchange FTX, announced in a statement on Thursday that it plans to start repaying client holdings in February 2023.
FTX Japan recently acquired the cryptocurrency trading platform Liquid Japan and plans to allow its clients to withdraw their holdings through Liquid Japan.
Customers will be able to create Liquid Japan accounts, view their balances, and start making withdrawals in mid-January.
FTX Japan expressed regret for the prolonged suspension of services for the withdrawal of fiat cash and crypto assets and said that the cash and cryptocurrency holdings of Japanese clients “should not be part of FTX Japan’s estate.”
The parent company of FTX, FTX Trading, filed for Chapter 11 bankruptcy in December, and the new management, led by John Ray III, has filed a motion with the Bankruptcy Court of Delaware to approve bidding processes for four of the company’s independent solvent subsidiaries in the US, Japan, and Europe.
Approximately $94.5 million in crypto assets and $46 million in fiat money were stored in separate customer accounts at FTX Japan, which had only been open for about six months when FTX Trading went bankrupt.