FTX Japan Plans to Introduce a Refund Plan for its Customers
Crypto exchange FTX Japan, formerly known as Liquid, has just announced it plans to develop a plan to return customer funds.
The funds have reportedly not been affected by FTX’s bankruptcy. This is because according to local laws, user funds and the platform’s own funds, both fiat and digital, must be segregated.
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The platform has sent local regulators a draft of its plan to resume withdrawals, suggesting that periodic consultations will be held “as key milestones are reached.”
FTX bought in February the Japanese cryptocurrency exchange as well as related entities. In the summer, Sam Bankman-Fried’s company announced the launch of a local branch and changed Liquid’s name to FTX Japan K.K.
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In November, Japan’s Financial Services Agency ordered the platform to suspend operations and go into shutdown-only mode.