FTX Japan Plans to Resume Withdrawals as Customer Assets Not Part of Bankruptcy Proceedings

FTX Japan released a statement, announcing that it has confirmed with the law firm representing the FTX group in the Chapter 11 bankruptcy proceedings that Japanese customer cash and crypto currency should not be part of FTX Japan's estate, given how these assets are held and property interests under Japanese law. On this basis, FTX Japan plans to resume withdrawal service.

The company said it has put together a plan for the resumption of withdrawal service, which has been shared with and approved by the new FTX Trading management team. Development work for this plan has already started, and the team is incorporating controls, security audit, reconciliations, and reviews to put in place a robust and secure process.