The exchange said on Thursday that it is developing systems that will make it possible for users’ assets to be returned through Liquid Japan’s platform in mid-February. Liquid is a Japanese licensed crypto exchange acquired by FTX earlier this year.

FTX to Return Customers’ Assets Through Liquid Exchange

The Japanese exchange noted that eligible customers would be sent an email with a link to open a Liquid Japan account. The company added that this would not apply to users with a Liquid Japan account.

After the registration, eligible users can check balances and transfer their assets from FTX Japan accounts to Liquid Japan accounts. Afterwards, the team will enable Liquid withdrawals so users can withdraw their funds through their Liquid accounts.

FTX Japan also informed customers that they might need to go through Liquid’s verification procedure during registration, adding that users will be notified if the procedure is required.

The company had previously suspended customers’ withdrawals from its platform for an unspecified period following FTX’s bankruptcy filing. The firm was also part of the 130+ FTX subsidiaries listed in Chapter 11 bankruptcy proceedings in November.

An unnamed executive said in November that customers’ assets have not been returned because FTX Japan was using the same payment system as its parent company, which is currently suspended.

FTX Poised for Sale

Meanwhile, FTX Japan is expected to be sold off in its parent company’s bankruptcy proceedings due to its strong balance sheet.

Per reports, FTX launched a strategic review of global assets following its bankruptcy proceedings and saw its Japanese unit as a prized part of the group. FTX Japan reportedly has approximately 19.6 billion yen ($138.2 million) in cash and deposits as of November 10.

Furthermore, FTX is reportedly looking to sell off other subsidiaries, including Embed Technologies, LedgerX LLC, and FTX Europe.

(By William A. Frederick)