FTX Japan restarts processing withdrawals and deposits for user assets.
🤘 Hey there! Let's dive into the latest update from FTX Japan! 🤘
Starting from February 21, 2023, 2:00 p.m. (noon, JST), FTX Japan will reopen its services for withdrawing both fiat currency and crypto assets via the Liquid Japan web platform. To initiate a withdrawal, FTX Japan customers must first verify their asset balance and transfer the funds to their Liquid Japan account.
For those who don't currently have a Liquid Japan account, it's time to create one and follow the simple transfer process. Qualified clients have received an email outlining the specifics of the process.
With a large influx of requests anticipated, the withdrawal process may take some time to complete. FTX Japan will announce when other services will resume operation.
By now, you might have heard rumors about FTX's recent struggles – the third-largest cryptocurrency exchange globally filing for bankruptcy in 2022. The company's founder, Sam Bankman-Fried, is currently under investigation in the US on fraud-related charges.
To navigate this confusing crypto landscape with ease, here are some additional insights:
- When making claims on FTX, ensure you submit all necessary tax forms and complete sanctions screening and account verification processes before specified dates to qualify for payouts, estimated to take place in May 2025.
- Liquid Japan adheres to Japan's 2025 regulatory framework, which mandates specific exchange-side requirements like monitoring project risks, funding purposes, and price fluctuations. Users must also follow user-side actions such as KYC/AML procedures and moving funds to non-custodial wallets for enhanced security.
- Keep an eye on critical deadlines like pre-distribution requirements and provider selection deadlines as delays might jeopardize your chances of receiving distributions.
- Consult a tax professional for advice on handling cross-border claims.
Stay smart, stay safe, and stay ahead of the game! 🤘💻🔒
- Following the reopening of FTX Japan's services for withdrawing both fiat currency and crypto assets, clients are advised to verify their asset balance and transfer funds to their Liquid Japan account to initiate a withdrawal.
- It's important to note that, due to the large number of requests anticipated, the withdrawal process may take some time to complete, and FTX Japan will announce when other services will resume operation.
- In light of FTX's recent struggles, such as filing for bankruptcy and the founder, Sam Bankman-Fried, being under investigation in the US on fraud-related charges, it's crucial to follow the specific processes outlined by FTX when making claims, including submitting all necessary tax forms, completing sanctions screening, and undergoing account verification.
- As the cryptocurrency industry continues to evolve, it's essential to stay informed about critical deadlines, such as pre-distribution requirements and provider selection deadlines, and to consult a tax professional for advice on handling cross-border claims.
