According to Japanese public broadcaster NHK cryptocurrency exchange platform, FTX which has been undergoing bankruptcy proceedings in the US will resume its Japanese subsidiary and this Japanese subsidiary of the FTX platform will resume its customer’s withdrawal request by the end of this year.
What is NHK?
Nippon Hōsō Kyōkai Which is also known as NHK is a public broadcasting platform of Japan that has been constantly recognized for initializing the values of Japan this platform has been funded by the user’s fee for all the operations rather than the advertisement processes in the business.
This Japanese broadcasting Corporation NHK operates two Terrestrial TV channels, four satellite TV channels, two Ultra high definition TV channels, and 3 radio networks in Japan.
This Japanese broadcasting cooperation was founded after the collaboration of Tokyo broadcasting station and Japan broadcasting station in 1950 this organization works with the motto of honesty and seriousness and its work culture and is owned by the government of Japan through the broadcasting act of 1950.
The broadcasting organization of Japan NHK in its recent news disclosure mentioned that FTX Japan a subsidiary of FTX group, a cryptocurrency exchange platform, will resume its customer withdrawals by the end of this year.
As per NHK, these withdrawals can not be immediately processed as they use the same payment system just like their Parent company FTX group. A resource from FTX Japan mentioned that they will be developing their system which will allow the customers to withdraw their assets from this bankrupt cryptocurrency exchange platform.
The Financial Service organization of Japan ordered the FTX Japan platform to suspend its operation on November 10 this year. When FTX Japan suspended its operation it was seizing deposits worth 19.6 billion yen, which are approximately equal to $138 million at that time these assets ceased during this withdrawal suspension process.
The Japanese Broadcasting organization NHK further mentioned that the cryptocurrency exchange platform FTX group has filed bankruptcy protection for approximately $3.1 billion of all their creditors and investors into the platform. To revive these Investments and return the money, if asked by investors, FTX group may self its subsidiaries including the FTX Japan platform.
Along with the FTX group one other cryptocurrency exchange platforms “liquid” also announced that they will be spending their withdrawals in Japan from November 15. Liquid platform mentioned that they are part of the legal team working for the future reconstruing of the FTX group. The Liquid platform will also suspend its global withdrawals from November 20th this year.