FTX Japan Set to Resume Cryptocurrency Withdrawals
It is reported that FTX Japan, the Japanese subsidiary of FTX, will resume cryptocurrency and legal withdrawal on February 21. FTX Japan said in a statement th…
It is reported that FTX Japan, the Japanese subsidiary of FTX, will resume cryptocurrency and legal withdrawal on February 21. FTX Japan said in a statement that the withdrawal will be processed through the Liquid Japan network platform. FTX acquired Liquid in 2022. Customers with assets on the exchange must confirm their balance. Users without Liquid Japan accounts will need to open an account to withdraw assets.
FTX Japan will resume cryptocurrency and legal withdrawal on February 21
Interpretation of the news:
In a recent announcement, FTX Japan revealed that it will resume cryptocurrency withdrawals on February 21st, 2022. This decision comes after the company temporarily suspended all withdrawals on their platform in order to improve their infrastructure in accordance with Tokyo Metropolitan Government regulations.
According to the statement made by FTX Japan, customers with assets on the exchange will need to confirm their balance in order to proceed with the withdrawal process. Additionally, users without Liquid Japan accounts will need to create an account with the Liquid network platform to withdraw their assets. This is because FTX acquired Liquid in 2022 and will be processing withdrawals through the Liquid Japan network platform moving forward.
The resumption of cryptocurrency withdrawals in Japan is significant due to the country’s strict regulatory framework surrounding the cryptocurrency industry. As a result of these regulations, many cryptocurrency exchanges such as Mt. Gox, Coincheck, and BitFlyer have experienced major security breaches, resulting in the loss of millions of dollars worth of cryptocurrencies.
However, FTX has shown a commitment to regulatory compliance not only by taking the necessary steps to ensure that their infrastructure complies with Tokyo Metropolitan Government regulations but also by acquiring Liquid, a regulated Japanese cryptocurrency exchange. This acquisition allowed FTX to expand their services and build a stronger presence in the Japanese market.
Overall, FTX Japan resuming cryptocurrency withdrawals through the Liquid Japan network platform is a positive development for both the company and the industry as a whole. It signifies that FTX is committed to maintaining regulatory compliance in Japan and is taking proactive steps to ensure the safety and security of their customers’ assets.
In conclusion, the resumption of cryptocurrency withdrawals by FTX Japan is a positive move that showcases the company’s commitment to regulatory compliance and customer safety. This move is likely to positively contribute to the evolving cryptocurrency landscape in Japan.
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