The Japanese subsidiary of the now-inoperative FTX digital asset exchange has come out with a roadmap to resume withdrawals, subsequent to confirming that its customers’ assets are not part of the exchange’s bankruptcy goings-on.
The firm recently provided an update, mentioning that it has been able to confirm that its customers’ assets “should not” be part of FTX Japan’s estate because of the Japanese regulations which mandate that virtual currency exchanges must split up client funds from their own assets.
The development is allegedly confirmed by Landis Rath & Cobb LLP, the law firm representing FTX Group in the Chapter eleven bankruptcy proceedings.
With the latest confirmation that its customers’ cryptocurrency assets are not considered part of FTX Japan’s estate, this would functionally provide them with a pathway to recommence crypto withdrawals for its users.
The firm further mentioned,
“Japanese customer cash and crypto currency should not be part of FTX Japan’s estate given how these assets are held and property interests under Japanese law.”
FTX Japan mentioned that its management is in regular conversation with Japanese regulators and has sent through the 1st draft of their plan to recommence digital asset withdrawals, suggesting regular consultations will take place “as key milestones are met.”
This article originally appeared on the front page of Live Bitcoin News on June 2nd 2023. Have you ever wondered what it’s […]
June 12, 2023
Our roving crypto documentary The Future is Now travels to Malta for the 3rd time! Episode 10 “The Rise of The New […]
March 7, 2020
The Bank for International Settlements (BIS) has unveiled a preliminary proposal mandating banks to be transparent about their cryptocurrency assets. The proposed […]
October 12, 2023
New research from the University of Cambridge, in partnership with online crypto brokerage eToro, delves into the influence of gender on Bitcoin […]
October 9, 2023