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.”
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