FTX, a cryptocurrency exchange platform, has restarted withdrawals

A couple of FTX subsidiaries have slowly restarted withdrawals. The Japan wing has announced that the balance can be withdrawn in Japanese Yen. Halfway across the world. the Turkish subsidiary of FTX also has resumed operations.

The FSA (Financial Services Agency) of Japan said this Thursday that FTX can restart operations in a “close-only” mode, meaning the firm will not be able to new customers. Instead, they will close relations with the existing positions. FSA suspended FTX’s operations earlier. The current notice has halted any crypto exchange business until December 9.

FTX halted operations of the Japan wing citing concerns about the company’s health. Thus, new customers are no longer allowed to join the exchange business. The company announced these developments on their official website earlier this Friday.

FTX Turkey also has paused operations, as mentioned earlier. This Thursday, the Turkish subsidiary announced that they will convert users’ balances into Turkish Lira in a 1:1 ratio and transfer the balances back to the customers.

The FTX Japan logo (Image via Coingape)

“It is necessary to take all possible measures to prevent a situation in which [Japanese customers’ assets] are leaked to a [foreign] affiliated company,” the order reinstating FTX Japan’s suspension of services said.

FSA suspended FTX Japan’s operations by issuing a business improvement order. The regulator has asked the firm to submit a business improvement plan to fix the issues it has found out latest by November 16. FTX Japan is required to “accurately identify users, strive to protect users’ assets, and appropriately disseminate information to users regarding the protection of their assets.”

The almost-complete shutdown of FTX comes as a death kneel after the exchange platform suffered a liquidity crunch. The Sam Bankman-Fried-owned platform has been on a downward spiral lately. Binance had previously agreed to acquire FTX. However, the rival crypto exchange platform has backed out of a deal lately.

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