FTX Japan says it would allow customers to withdraw assets

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Failed cryptocurrency exchange FTX’s Japan unit sai on Monday (February 20) that it would allow customers to withdraw deposits of fiat currency and crypto assets from Tuesday. This step has come after months of suspension.

FTX Japan said its customers could withdraw assets through the website of Liquid Japan, a crypto exchange it bought in February last year.

FTX, once the third largest cryptocurrency exchange in the world went bankrupt in 2022. It’s founder Sam Bankman-Fried faces fraud charges and is currently being tried in the US. Last week, Bankman-Fried attended the court in Manhattan. He had pleaded not guilty to fraud charges.

The hearing that took place last week came after prosecutors asked US District Judge Lewis Kaplan to ban Bankman-Fried from using the internet except to review evidence against him or use email on his Gmail account, citing his use of a virtual private network (VPN) that could have let him hide some online activity.

Kaplan had already banned Bankman-Fried from contacting current or former employees at his now-bankrupt exchange and Alameda Research hedge fund, and from using encrypted messaging apps such as Signal that let users auto-delete messages.

Bankman-Fried’s communications became an issue when prosecutors said he sought to contact FTX’s current chief executive John Ray, and an in-house lawyer.

Defense lawyers have said the attempts to contact FTX officials were efforts to help, not interfere.

(With inputs from agencies)

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