.FTX_Official has approved a plan by its Japanese unit FTX_JP to restart withdrawals for local customers. By iamsandali
FTX Japan is looking to restart withdrawals after a plan to return deposits was approved by its bankrupt parent FTX.
If the plan works out, the collapsed crypto exchange's users in Japan might be some of the first customers to get their money back.to suspend services. Sam Bankman-Fried's global enterprise, FTX Trading Ltd., filed for chapter 11 bankruptcy in the U.S. three days later.posted on its website, FTX Japan said it was able to confirm with the company's bankruptcy lawyers in the U.S.
FTX Japan had been working on the plan to restart withdrawals for the last two weeks, and says it was approved by the FTX Trading management team."Development work for this plan has already started and our engineering teams are working to allow FTX Japan users to withdraw their funds. As part of the plan, we are incorporating controls, security audit, reconciliations, and reviews to put in place a robust and secure process," the notice said.
The subsidiary is set to"publish information about customer assets held in segregated wallets"and in a trust account each Monday, according to the notice. "FTX Japan aims to publish additional information regarding the resumption of withdrawals for FTX Japan users in short order," the notice said.
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