The right people have permitted the Japanese branch of the Cryptocurrency Software exchange FTX, which is no longer in business, to keep fixing withdrawal problems until the end of the year.
The date that FTX will have to stop doing business has been changed by the Japanese government to March 9, 2023. This adds three more months to the ban that was already in place. The Financial Services Agency (FSA) of Japan asked FTX Japan for the first time in the middle of November to stop all business orders until December 9.
The notice says that the Kanto Local Finance Bureau has given the order to extend the deadline because FTX Japan has not yet given the assets it was holding to the rightful debtors. The group whose job it is to keep an eye on the financial markets said that the FTX Japan trading system still needs to be fixed.
FTX Japan has said that a new withdrawal plan is coming
After the Japanese branch of the company made a new announcement, the extension was mentioned in a statement. On December 1, FTX Japan released a new plan explaining how withdrawals would start again on the platform.
At first, the business thought that it would be able to start taking money out of its assets again by the end of 2022. It said what it did had nothing to do with what its parent company did. Because of this, Japanese people who use FTX don’t have their assets counted in the bankruptcy process.
FTX Japan has also been working on creating new business plans. In a statement on its website, the company talked about its latest plan to grow its business. The draft was sent to the Kanto Local Finance Bureau on November 16.
The exchange said that the withdrawal platform had only worked a while ago. Because of this, it would take a lot of work to get the money back to the clients on time.
Remember that the Liquid platform stopped all trading at the end of November. The decision was made because the cryptocurrency exchange crashed, and the SBF’s exchange filed for bankruptcy. The study says that Liquid did its job by following the instructions of the shady trading company.
Customers who used FTX in Japan will soon be able to get their money back
The Japanese exchanges FTX Japan and Liquid, which are both owned by FTX, said Thursday that their customers would be able to withdraw cash by the middle of February. What the two exchanges for cryptocurrency had in common was:
We’re making progress on our system so that our clients at FTX Japan and Liquid Japan can withdraw their assets from the Liquid Japan website. These clients have asked us to take care of their property.
Customers of FTX Japan will have to sign up for a Liquid account and move their assets to the Liquid platform to get money out of their accounts. According to the joint statement, the exchanges want to let people take their money out by the middle of February.
This year, FTX finished the deal to buy the Japanese exchange Liquid. In 2017, Quoine Corp. was one of the first exchanges to sign up with Japan’s Financial Services Agency. The Financial Services Agency is the most critical financial agency in the country (FSA).
After cryptocurrencies worth about $90 million were stolen from the Liquid platform in a significant theft, the company decided to buy the company. After that, FTX was able to help pay for the business by giving a 120 million dollar loan. Bitcoin Smart is the most significant trading bot, trusted by millions of traders. This exchange is a great place to buy and sell digital currency.
In November, the Financial Services Agency told FTX Japan to do three different things (FSA). There were orders to improve the business, keep its assets in the area, and close it down. People started placing orders after the exchange suddenly stopped letting people take their money out. After that, FTX went out of business in the United States the next day.