FTX Japan Users are Withdrawing Their Money

Cryptocurrency traders on the under-fire FTX exchange in Japan have begun withdrawing all of their funds amid the world awaiting a conclusion to the conundrum surrounding FTX and its founder, Sam Bankmand-Fried (SBF).

In a sequence of events, crypto exchange FTX slowed fund withdrawals after Binance CEO Changpeng Zhao announced that Binance will liquiditate all FTX holdings. As a result, FTX-owned Japanese cryptocurrency trading platform Liquid Group was forced to halt fund withdrawals starting November 15 in 2022.

On February 21, FTX Japan resumed withdrawals, which witnessed more than 6.6 billion yen ($50 million) worth of funds withdrawn in a matter of just 5 days. Community members of FTX Japan seem to be relieved and delighted with their “escape” from the infamous FTX exchange which is facing one court case after the other.

Sources:

https://cointelegraph.com/news/ftx-japan-allows-total-withdrawal-of-funds-users-rejoice-the-escape

https://cointelegraph.com/news/ftx-japan-reports-50m-in-withdrawals-since-feb-21