FTX Japan to Resume Withdrawals on Feb 21 After Halting Service in November

FTX Japan to Resume Withdrawals on Feb 21 After Halting Service in November

In November 2021, FTX Japan halted its services due to regulatory concerns. This move caused many investors to worry about their assets and the future of the platform. However, FTX Japan has now announced that it will resume withdrawals on February 21, 2023. In this article, we will discuss everything you need to know about FTX Japan and the upcoming withdrawal resumption.

What is FTX Japan?

FTX Japan is a cryptocurrency exchange based in Japan. The exchange is a subsidiary of FTX, one of the world’s largest cryptocurrency exchanges. FTX Japan offers trading in a variety of cryptocurrencies, including Bitcoin, Ethereum, and more. The exchange has become popular among Japanese investors due to its fast transaction speeds, low fees, and user-friendly interface.

Why Did FTX Japan Halt Its Services in November?

In November 2021, FTX Japan halted its services due to regulatory concerns. The Financial Services Agency (FSA), Japan’s financial regulator, had ordered the exchange to improve its compliance measures. FTX Japan decided to halt its services voluntarily to work on improving its compliance and security measures.

What Has FTX Japan Done to Improve its Compliance and Security Measures?

After halting its services, FTX Japan took several measures to improve its compliance and security measures. The exchange hired a team of compliance and security experts to review its processes and systems. FTX Japan also improved its Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to ensure that they comply with Japanese regulations.

When Will FTX Japan Resume Withdrawals?

FTX Japan has announced that it will resume withdrawals on February 21, 2023. The exchange has stated that it has taken all necessary measures to ensure the safety of its users’ assets and comply with Japanese regulations. FTX Japan has also stated that it will continue to improve its compliance and security measures to provide a safe and secure trading environment for its users.

What Should You Do if You Have Assets on FTX Japan?

If you have assets on FTX Japan, you should take some precautions before the resumption of withdrawals. Firstly, you should ensure that your KYC and AML procedures are up to date. If your information has changed since you last provided it, you should update it immediately. Secondly, you should ensure that your account is secured with a strong password and two-factor authentication. Lastly, you should monitor your account for any suspicious activity and report it to FTX Japan immediately.

Conclusion

FTX Japan’s decision to resume withdrawals on February 21, 2023, is welcome news for investors who were worried about their assets. The exchange has taken several measures to improve its compliance and security measures and has stated that it will continue to do so in the future. If you have assets on FTX Japan, it is important to take some precautions before the resumption of withdrawals to ensure the safety of your assets.

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