FTX Japan is holding good on its promise to allow users to withdraw their assets this month.
In a Monday announcement, FTX Japan said it would be enabling its withdrawal service for users on Feb. 21, at noon Japan time.
The service will be provided through Liquid Japan, a Japan-based crypto firm which was acquired by FTX Trading last year. Users that have crypto or fiat held on FTX Japan will have to first confirm their asset balances and then either confirm or open a Liquid Japan account to redeem their funds.
FTX Japan noted that the withdrawals “may take some time to process” due to a high volume of requests from a large customer base.
“The bankruptcy of our parent company, FTX Trading Limited, has had a wide range of effects, and we have had to wait for a long time to resume operations,” said FTX Japan.
FTX’s Japan-based subsidiary suspended operations on Nov. 10, before FTX declared bankruptcy, at the request of Japan’s Financial Services Agency (FSA). The request was made in order to protect local users from potential outflows to affiliated companies at the time.
Executives from FTX Japan said at the time that the exchange was working on its own system to enable withdrawals for local users, regardless of FTX’s bankruptcy proceedings in the U.S. In November, FTX Japan told media publication NHK that it expects to resume withdrawals before the end of 2022.
Users in Japan were the third-most impacted by FTX’s collapse, according to data from CoinGecko. Japan represented 4.6% of FTX’s traffic share with 223,513 unique users per month.