The Japanese subsidiary of FTX is one of the 134 companies that has experienced FTX’S bankruptcy and still decided to return the client’s funds.
The Japanese subsidiary confirms that the customer’s assets are not part of FTX’s bankruptcy, and therefore the Japanese subsidiary plans a roadmap to return the client’s funds.
The Japanese subsidiary confirms with the law firm Rath and Cobb LLP (representing FTX in Chapter 11 bankruptcy) that according to Japanese regulation, it is mandatory that the crypto exchange keep client funds separate from their own assets.
FTX Japan will use a platform called Liquid to return the client funds beginning in January. Customer balances would be transferred to Liquid after a verification process so that users could withdraw their money.
FTX acquired Liquid platform this year to expand its presence in Japan. After that, FTX launched its Japanese unit in June to provide crypto services for Japanese customers.
According to the draft, client withdrawals could begin as early as the week of January 9. The plan will be divided into phases, including data acquisition, authentication and data transfer, distribution and withdrawal.
