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FTX Japan to Resume Cryptocurrency Withdrawals Through Liquid Japan Network Platform

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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…

FTX Japan to Resume Cryptocurrency Withdrawals Through Liquid Japan Network Platform

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

Interpret the above information:


FTX Japan, the Japanese subsidiary of FTX, will be resuming cryptocurrency and legal withdrawal services starting February 21st through the Liquid Japan network platform, as reported by the company in a statement. FTX acquired Liquid in 2022, a regulated cryptocurrency exchange headquartered in Tokyo.

Users who have assets on the FTX Japan exchange must confirm their balance before they can withdraw their digital assets. This process is necessary to avoid discrepancies between the exchange’s balance and those of its customers, which may cause issues when processing withdrawals. For those who do not have a Liquid Japan account, they will need to create one to withdraw their assets.

FTX Japan’s decision is notable given the heightened regulatory scrutiny that cryptocurrency exchanges have been facing globally, particularly in Japan. In 2018, the country’s financial watchdog, the Financial Services Agency (FSA), imposed stricter regulations on cryptocurrencies, following the high-profile $500 million cryptocurrency theft from Coincheck, a Japanese cryptocurrency exchange. The regulations required exchanges to comply with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, which have made it difficult for them to operate profitably.

FTX Japan’s use of the Liquid Japan network platform as a conduit for cryptocurrency withdrawal comes as a testament to the company’s commitment to complying with the regulatory landscape. Liquid Japan is one of the few regulated cryptocurrency exchanges in Japan, which can provide a reliable and secure link between FTX Japan and its customers.

In summary, FTX Japan’s resumption of cryptocurrency and legal withdrawal through Liquid Japan network platform is a strategic move aimed at promoting regulatory compliance and ensuring customer trust. It is a positive development that will enhance the exchange’s transparency and accountability, making it more open and accessible to customers. With this move, FTX Japan hopes to attract more users and gain greater market share in the competitive cryptocurrency exchange landscape in Japan.

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