FTX Japan to unfreeze client funds and allow withdrawals

FTX director speaks out on Russian sanctions
  • FTX Japan will initiate withdrawals on the grounds that Japanese client funds should not be considered company property.
  • The company claims that restoring the withdrawal function is its top priority.
  • Maxine Waters invited the SBF to attend the hearing to study the disappearance of FTX.

Since FTX’s fall, investors in the company have been unable to withdraw their capital. This is going to start to change with a recent announcement given by FTX of Japan.

FTX’s company in Japan has received confirmation from a law firm representing FTX that assets of Japanese clients should not be treated as company assets. This was achieved as the assets are under ownership under Japanese law. Based on this confirmation, FTX Japan plans to re-enable withdrawals.

“Our engineering teams are working to enable FTX Japan users to withdraw their funds. Re-enabling the withdrawal service is our top priority, and we appreciate your understanding and support.”

Said FTX Japan

Sam Bankman-Fried spoke via Twitter saying that FTX US is solvent. The CEO claims that he does not know why withdrawals at FTX US have been discontinued. Within the community two positions are held, it is thought that FTX US could also re-enable withdrawals soon, or is it just a diversionary tactic.

SBF to Appear in Court

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

Waters’ actions were deemed “extremely terrible” by the cryptocurrency community, urging her to reconsider and choose a more respectable path. For his part, Polygon Studio CEO Ryan Wyatt questions the move, claiming that SBF is a criminal.