FTX Japan Will Unfreeze Client Funds And Allow Withdrawals

FTX Japan has announced plans to allow customers to withdraw funds from the exchange soon, meaning they will be among the first to get their money back.

FTX investors have been unable to withdraw capital from the exchange due to the collapse of the Sam Bankman-Fried empire. But, a recent announcement from FTX Japan should come as a huge relief to Japanese users.

law prohibits it from being the property of the customer FTX is considered as asset

FTX Japan received confirmation from the law firm representing FTX Group that assets of Japanese clients should not be considered assets of the firm. This is because “property and property interests are held under Japanese law.” Based on this confirmation, FTX Japan plans to re-enable withdrawals.

The notice further read, “Our engineering teams are working to allow users of FTX Japan to withdraw their funds. Re-enabling the withdrawal service is our top priority, and we are grateful for your understanding and support.” “

Furthermore, Sam Bankman-Fried has claimed in a tweet that FTX is a US solvent. He claims not to be sure why FTX US withdrawals were stopped. Does this mean that FTX US may re-enable withdrawals soon, or is it just a distraction device,

SBF summoned to appear at US House committee hearing

The United States House Financial Services Committee has scheduled a hearing on December 13 to discuss the collapse of FTX. Maxine Waters, Committee Chair, invited Sam Bankman-Fried for the hearing because they “appreciate his willingness to speak to the public.”

crypto community criticized Waters and called the action “incredibly disrespectful”. They ask him to reconsider and take a dignified approach. Ryan Wyatt, CEO of Polygon Studios, questioned the move, claiming that SBF is a criminal.