Despite FTX’s eventual collapse, the company’s Japanese subsidiary plans to allow customers to withdraw by the end of the year.

The failure of the FTX platform has become one of the key events in the history of cryptocurrency.

Once valued at around $32 billion, the platform recently failed to process user withdrawal requests and reported serious liquidity problems.

FTX filed for bankruptcy a few days later in order to develop its operations and recover the funds.

FTX Japan:

FTX’s Japanese arm uses the same system as its parent company, which is why it hasn’t been able to resume user withdrawals yet.

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According to the latest report, the subsidiary is developing a new infrastructure that will allow such transactions by the end of 2022.

FTX Japan claimed to have about 19.6 billion yen (about $138 million) in cash and deposits as of November 10.

It did not report any outflow of client funds abroad.

The platform launched its Japanese project in June this year to strengthen its global presence and serve local consumers.

Read:After the FTX Crisis…Another Cryptocurrency Exchange Stops Withdrawals!

It obtained all necessary approvals from local regulators, but its operations were seriously disrupted by the collapse of its parent company.

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