FTX Japan Preparing to Allow Withdrawals by Year-End: Report

The Japanese arm of bankrupt crypto exchange FTX is preparing to resume customer withdrawals by the end of the year, according to a report by broadcaster NHK.

An unnamed executive of exchange said in an interview that withdrawals cannot be resumed immediately because FTX Japan uses the same payment system as its parent company, which is currently suspended.

He added though that FTX Japan is preparing for when withdrawals will be possible, with the end of the year being the aim.

FTX Japan has around 19.6 billion yen ($138 million) in deposits as of the Nov. 10, according to the interview reported by NHK.

The exchange was ordered by the country's Financial Services Agency (FSA) to suspend operations on Nov. 10 amidst the sudden decline and fall of Sam Bankman-Fried's crypto empire.

FTX filed for bankruptcy earlier this month and owes around $3.1 billion to its long list of creditors, the largest claim of which is worth around $226 million.

Read more: Understanding the FTX Fallout From the Eyes of a Bitcoiner