FTX Japan Preparing to Resume Withdrawals by Year-End

The Japanese arm of bankrupt crypto exchange FTX is preparing to resume customer withdrawals by the end of the year, reportedly.

An unnamed executive of exchange said in an interview that withdrawals cannot be resumed immediately because FTX Japan uses the same payment system as its parent company, which is currently suspended.

He added though that FTX Japan is preparing for when withdrawals will be possible, with the end of the year being the aim.

FTX Japan has around 19.6 billion yen ($138 million) in deposits as of the Nov. 10.

The exchange was ordered by the country's Financial Services Agency (FSA) to suspend operations on Nov. 10 amidst the sudden decline and fall of Sam Bankman-Fried's crypto empire.

FTX filed for bankruptcy earlier this month and owes around $3.1 billion to its long list of creditors, the largest claim of which is worth around $226 million.

(Source: CoinDesk)