FTX Japan Sees $50M in Withdrawals in a Day

The customers of FTX Japan, the Japanese subsidiary of bankrupt cryptocurrency exchange FTX, have withdrawn about 6.6 billion yen, or about $50 million, in one day through the Liquid Japan platform after the exchange resumed its withdrawal services.

Earlier this week, Fazzaco reported that FTX Japan would resume its crypto and fiat withdrawals from February 21​. Withdrawals will be processed via the Liquid Japan web platform, and users without an account on Liquid Japan will need to open one to withdraw their assets, the company stated.

Withdrawals resumed at 3:00 am UTC on Feb. 21 for the first time in more than three months. In an announcement on Feb. 22, FTX Japan said users of the exchange and those at Liquid platform had withdrawn approximately 6.6 billion yen. As of the time of the announcement, 7,026 account holders had transferred their funds out of FTX Japan and there were 5,697 transactions involving cryptocurrencies and 1,947 instances of users withdrawing fiat.

Affected by the collapse of FTX, the Japan subsidiary previously suspended its crypto and fiat withdrawals in November 2022. At the end of the year, FTX Japan announced plans of returning users' assets​ through the Liquid platform.