FTX Liquid Japan To Return User Assets Following Insolvency Declaration

A Japanese cryptocurrency exchange, Liquid Japan, which is controlled by FTX, has said it intended to restore user assets in 2019. The Japanese affiliate of the insolvent business issued a statement outlining the schedule and strategy for the proposed returns.

According to Liquid Japan’s statement, system development is now in progress. Customers of FTX Japan and Liquid Japan will then be able to access their assets using Liquid Japan’s web interface.

As said in the exchange:

Specifically, you will be able to check your FTX Japan balance from the Liquid Japan web version, and then you will be able to withdraw/take out. Customers using the Liquid Japan platform will be able to withdraw as usual.

Qualified clients must first open a Liquid account to follow the roadmap and schedule for returns, according to the company. After that, they’ll be able to check their balance and move their assets from FTX Japan to Liquid Japan. The Japanese subsidiary’s website will handle all withdrawal processing. In January 2023, there more information will be available about this procedure.

The company has attempted to put its customers first, and this choice represents a very unusual event in that regard. FTX’s bankruptcy has left thousands of users with accounts at various exchanges and lenders stranded in the midst of the current crypto winter.

More than a month after Liquid Japan banned withdrawals from its site, it announced refunding consumer assets. The choice was taken on November 15 in response to the cash problems caused by parent company FTX, which is presently going through a Chapter 11 bankruptcy process.

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