FTX’s bankruptcy filing FTX Japanworks to pay back user funds.
User payments cannot be processed at this time as FTX Japan uses the same payment system as the headquarters.
FTX Japan Struggling to Process Withdrawals
According to an interview conducted by broadcaster NHK, the Japan arm of bankrupt crypto exchange FTX is set to restart customer withdrawals by the end of the year.
In an interview with an anonymous exchange executive, he said that withdrawals could not be resumed immediately because FTX Japan currently uses the same payment system as its parent company.
However, he added that FTX Japan is preparing for withdrawals to be possible, targeting the end of the year. According to the interview reported by NHK, FTX Japan has deposits of approximately 19.6 billion yen ($138 million).
Listed by the country’s Financial Services Agency (FSA). Sam Bankman-FriedAmid the collapse of the cryptocurrency exchange, an order was issued on November 10 to shut down its services.
FTX filed for bankruptcy earlier this month and owes $3.6 billion to its creditor list. The company’s highest receivable is $226 million.
