FTX Japan, the Japanese branch of the popular cryptocurrency exchange FTX, has announced that it will resume withdrawals on February 21st. This comes after a brief suspension of withdrawals in January due to concerns over potential money laundering activities.
FTX Japan is a relatively new exchange, having only launched in July 2020. However, it quickly gained popularity among Japanese crypto enthusiasts thanks to its advanced trading platform and wide selection of cryptocurrencies.
In January, FTX Japan announced that it would be temporarily suspending all withdrawals and deposits due to concerns over potential money laundering activities. The exchange cited “unusual deposits” as the reason for the suspension, but did not provide further details.
At the time, FTX Japan assured its customers that their funds were safe and that the suspension was only temporary. However, the move raised concerns among investors, many of whom were left unable to access their funds.
Now, after several weeks of investigations and consultations with regulatory authorities, FTX Japan has announced that it will be resuming withdrawals on February 21st.
In a statement, the exchange said that it had taken steps to enhance its anti-money laundering (AML) and know-your-customer (KYC) procedures. It also said that it had strengthened its internal controls and had appointed an external auditor to monitor its operations.
“We take our responsibilities as a regulated cryptocurrency exchange very seriously,” the statement read. “We have worked tirelessly to address the concerns raised by the regulatory authorities, and we are confident that we have implemented measures that will prevent any further issues from occurring.”
The news of the resumption of withdrawals was met with relief by FTX Japan’s customers, many of whom had been anxiously waiting to access their funds.
“I’m so glad to hear that we can finally withdraw our funds,” said Hiroshi Nakamura, a Tokyo-based investor who had been unable to access his account for several weeks. “I’ve been using FTX Japan for a while now, and I’ve always found their platform to be easy to use and reliable. I’m looking forward to being able to use it again.”
However, some investors remain cautious, and are calling for FTX Japan to be more transparent about the reasons for the withdrawal suspension.
“I’m happy that we can withdraw our funds now, but I still have concerns about what happened,” said Takeshi Nakamura, another FTX Japan customer. “I think the exchange needs to be more open about what led to the suspension, so that we can be sure that it won’t happen again in the future.”
FTX Japan’s announcement comes at a time when the cryptocurrency industry is facing increased scrutiny from regulators around the world. In Japan, the Financial Services Agency (FSA) has been tightening its oversight of the industry, and has been working to ensure that all cryptocurrency exchanges operating in the country are compliant with AML and KYC regulations.
In a statement, the FSA welcomed FTX Japan’s decision to resume withdrawals, and urged all cryptocurrency exchanges to “take their regulatory obligations seriously.”
TLDR
Japanese cryptocurrency exchange FTX Japan is set to resume crypto withdrawals on February 21st after temporarily suspending them in January due to potential money laundering activities. The exchange has taken steps to strengthen its anti-money laundering and internal control procedures. While the announcement will be welcomed by customers, some have urged for more transparency about the withdrawal suspension.
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