FTX Japan is saved! Unaffected by bankruptcy restructuring, withdrawals expected to resume soon.

FTX Japan suspended user withdrawals of cryptocurrency assets since 11/8 due to the impact of the FTX bankruptcy reorganization event. However, there was good news from FTX Japan in a recent announcement last night, allowing Japanese users to retrieve their frozen assets.

Good News from FTX Japan

According to an announcement from FTX Japan, over the past two weeks, FTX Japan has formulated a basic plan to resume withdrawal and transfer services. The management team at headquarters has also endorsed the plan and implementation policies, with related development work being carried out by the engineering team.

Furthermore, FTX Japan mentioned the Chapter 11 bankruptcy reorganization law, stating that considering the statutory currency and storage methods of users' crypto assets under Japanese law, the assets of FTX Japan users will not be bound by Chapter 11.

For these reasons, FTX Japan has stated that it will promptly resume withdrawal services and return to normal operations.

Additionally, FTX Japan mentioned that customers' fiat assets will be held in a trust account at SBI Clearing Trust Co., Ltd., while crypto assets will be stored in cold wallets managed by the operational team. They will also provide weekly reports on the management of customer assets in the future.