back to article FTX is back in Japan, where users can withdraw fiat and crypto

FTX's Japan outpost announced on Monday it would once again allow withdraw of both fiat and crypto assets, beginning at noon local time on Tuesday. Customers must have or open a Liquid Japan account to transfer assets. Liquid Japan is a crypto trading platform acquired by FTX in February 2022. The announcement makes good on a …

  1. Steve Button Silver badge

    "Japan’s ability to protect its consumers from huge losses"

    Whoa there! Let's wait and see what actually happens when literally everyone tries to remove all their assets at the same time.

    1. keithpeter Silver badge

      Re: "Japan’s ability to protect its consumers from huge losses"

      Yes, it will be interesting to see how it goes. According to the OA, the Japanese company was required to keep customer funds separate and has been posting updates on the total holdings. The issue appears to have been access to detailed transaction history.

      If the result looks OK perhaps we should copy/paste the regulations?

      Icon: not an investor

      1. AMBxx Silver badge
        Thumb Up

        Re: "Japan’s ability to protect its consumers from huge losses"

        It's just an old fashioned 'run on a bank'. Northern Rock and many more have been here before.

        Nothing new under the sun.

      2. katrinab Silver badge

        Re: "Japan’s ability to protect its consumers from huge losses"

        We have those rules for stockbrokers.

    2. gnasher729 Silver badge

      Re: "Japan’s ability to protect its consumers from huge losses"

      The difference is that in Japan money that you invest remains_your_ money, so in a bankruptcy only you can access it.

      It is of course possible that the investment company just takes it but that is literally theft.

  2. Korev Silver badge

    FTX is back in Japan, where users can withdraw fiat

    How on all earth do you take a car out of a bank?

    1. Neil Barnes Silver badge

      The same way you got it in - through the plate glass.

      Don't you remember all those robberies back in the day?

      1. TimMaher Silver badge

        You’re only supposed to blow the bloody doors off!

        Just saying.

    2. Mockup1974 Bronze badge

      I for one got a loan to buy my Dogecoin call options and secured it with my 1990 Fiat Panda. FTX sold it as part of an ABS (asset-backed security) to the Alameda hedge fund. I don't think I'll get the car back, but with ULEZ expanding it's worthless now anyway.

      1. Dabooka

        Well personally...

        I'd rather have kept the '99 Panda, especially if it were the amazing 4x4 Sisley

    3. spireite Silver badge

      Withdraw fiat?

      Actually, it's entirely correct....

      They will find that they can wothdraw nothing - it's worthless.....

      Much like any FIAT car after several years..

      It's an appropriate use of the term.

      1. CrazyOldCatMan Silver badge

        Re: Withdraw fiat?

        Much like any FIAT car after several years..

        The original Fiat Cinquecento [1] (ie the 1970s version) was pretty much bulletproof - we had an Italian lodger for a while who drove his from Milan to London. It took him a while though..

        My dad has a series of Fiats as company cars (he worked for an Italian pharma company) - one of which (Fiat 127 or 128 rings a bell) was so poorly built that the clutch pusher plates kept breaking. It was eventually fixed by using a squashed baked bean can as reinforcement.. They eventually switched to giving out Peugeots as company cars.

        [1] We nicknamed it "The travelling overcoat"

        1. TimMaher Silver badge

          Re: “The travelling overcoat.”


        2. david 12 Silver badge

          Re: Withdraw fiat?

          Fix It Again Tony

    4. Lost Neutrino

      That depends on the size of the car. For a bigger car you may have to open both swing doors.

  3. Pascal Monett Silver badge

    "comprehensively regulated cryptocurrency sector"

    Ah. So it's not a free-for-all sticking it to The Man being largely taken advantage of by completely unscrupulous individuals.

    Geez, maybe having regulations is not such a bad thing after all . . .

    1. Steve Button Silver badge

      Re: "comprehensively regulated cryptocurrency sector"

      I agree that having *some* regulations is a good thing, although since 2021 I've come to realise that having the government be able to simply freeze my bank account because I've gone on a protest that they don't like is really not a good idea. Up until that point I naively thought these things only happened to terrorists and other nasty criminals, and not to people having a peaceful (albeit disruptive and noisy) party in a hot tub in the freezing cold.

      And for all the so-called "liberals" and lefties who hit the thumbs down button, just think that when you call for "workers of the world unite" you are an utter hypocrite when you denounce these people for doing exactly what you ideologically want them to do. But they do it in a way which doesn't quite align with your ESG mindset.

      My point is until the last couple of years I thought Bitcoin and other blockchain currencies were an interesting experiment, but now I feel like they are an essential means of avoiding government overreach. (actually something like them, but more private is needed really). You probably don't think that, until you get ideas that don't align with the government of the day, when you'll get a rude awakening.

      So, lecture over. The thumbs down button is below (I'm collecting them)

      1. Derezed
        Black Helicopters

        Re: "comprehensively regulated cryptocurrency sector"

        Go on, spill what you were protesting about that got the government to freeze your bank account.

        1. Anonymous Coward
          Anonymous Coward

          Re: "comprehensively regulated cryptocurrency sector"

          I'm on the receiving end of a tax office error that has costed me two years of my life (and a lot more of my remaining lifespan) to sort out, and even now they have admitted fault it doesn't mean anyone is in the slightest bit of a hurry to undo what they did.

          That said, despite the fact that these people are pretty much unaccountable behind multiple walls of unassailable bureaucracy is still not an argument to then jump feet first into a world of BS and deceit - the operators there really do their best to be even less accountable.

          1. Lost Neutrino

            Re: "comprehensively regulated cryptocurrency sector"

            "the operators there really do their best to be even less accountable"

            Yes, well... the secret is that it's not called crypto for nothing.

        2. Steve Button Silver badge

          Re: "comprehensively regulated cryptocurrency sector"

          It wasn't me actually. I just meant I've realised it's something they could do to me.

          I'm talking about Canadian truckers who were protesting about being forced to take the vaccine. At the time Trudeau called them "'racist,' 'misogynistic,' 'anti-vaxxer mobs' and subsequently declared a state of emergency and had their bank accounts frozen. Now, regardless as to whether you agree with what they were protesting about, I think most people would agree they have a right to protest?

          And in retrospect I would also think many people would agree they were right to be sceptical about taking this particular treatment, but perhaps if you only read MSM you have not realised this yet. although being in Die Welt, which is mainstream, it's only a matter of time now before others pick up on this Pfraud.

          However, that's not really the point. I've never been to a protest in my life, but I came very close during lockdown, as I fundamentally disagreed with the lockdown. Looking back I think most now agree it was a terrible policy, particularly for school children. I *might* want to go to a protest at some point in the future, and that *might* not be an "approved" protest (BLM, Extinction Rebellion, Sarah Everard murder vigil). If they try to bring in further lockdowns, masks, mandatory ID, I might well go along. On the other hand, I might not go along because I really want to be able to feed my family and have a job. Pretty dystopian.

          1. This post has been deleted by its author

          2. Anonymous Coward
            Anonymous Coward

            Re: "comprehensively regulated cryptocurrency sector"

            I'm a bit more nuanced about lockdowns. We had to initiate one to stop the spread of Covid 19 because we did not yet have the means to protect people - heck, initially we didn't even know for sure how it spread, what its incubation time was and what PPE actually worked (and who we could trust to provide trustworthy PPE, but I digress).

            Once we knew, however, we could have been more flexible if it had not been for one single factor which I think has contributed to the death of millions: some &^$%%= [censored] w*nkers decided to make this political. Because we still have a large body of people several IQ points short of a working mind, that stopped the unity and respect for science we needed to address the problem quickly, and so halted progress on the very thing they were protesting against. Talk about irony. We could have quelled the pandemic months earlier if it wasn't for that idiocy.

            The fact that you can now go shopping without worrying about it is 100% down to science, vaccination and the group immunity that has thus built up. We still have the occasional flareup but it represents a mere blip. and is for most people at best annoying, nothing more.

            I'm more worried about the next epidemic because Covid19 won't be the last, and we still have plenty of stupid around :(.

            1. Steve Button Silver badge

              Re: "comprehensively regulated cryptocurrency sector"

              "We had to initiate one to stop the spread of Covid 19"

              We really didn't. It was not in any of the pandemic preparedness plans, and it was only when China tried it in Wuhan that some bright spark thought it would be a good idea to try it in Italy. Looking back, it may seem like this was inevitable, but it really wasn't. We could have chosen a different path, which would have involved focused protection for those who needed it. It was forgivable in the first lockdown, as we didn't know but the second and third ones were just political pressure.

              I think you are right about the whole thing being political, and this is particularly true even now in the USA. I'm not sure who you blame for that, but from where I'm sitting it seems it was the Labour Party, the Unions and the BBC who were calling for harder and faster lockdowns. I'm not a Conservative and have never voted for them, but I don't think I could ever vote Labor now either.

              The PPE didn't actually work as far as we can tell, and the Cochrane review has demonstrated that.

              1. Anonymous Coward
                Anonymous Coward

                Re: "comprehensively regulated cryptocurrency sector"

                The PPE as supplied in the UK didn't actually work as far as we can tell, and the Cochrane review has demonstrated that.

                Masksk definitely did make a difference, but yes, it appears some again took unconscionable advantage of the situation to enrich themselves by essentially overcharging for crap.

          3. david 12 Silver badge

            Re: "comprehensively regulated cryptocurrency sector"

            It's the role of Elected Government to pick winners and losers. I didn't agree with my government's lockdown position -- as a labour government, they chose "everyone must be treated the same" and treated school children the same as hospitality workers and the elderly -- but I voted against them at the previous election, and I lost. That's democracy.

            And yes, they pretended to be "just following medical advice", but since I'm personally familiar with medical economics, I understand that real medical advice of this kind is more nuanced than that, and explicitly requires priority decisions (aka, political decisions). If they weren't making a "winners and losers" medical decision, it's because they'd already made the necessary decision by choice of advisors.

      2. Anonymous Coward
        Anonymous Coward

        Re: "comprehensively regulated cryptocurrency sector"

        AIt's worth noting, though, that the reason the Japanese customers have at least assets they can retrieve is precisely because of the "old fashioned" regulation that Japan imposed on this newfangled wunderchild of finance.

        In other world, it was the very system that crypto seeks to evade that ensure people got at least something back from that pyramid scheme..

      3. Jim Mitchell
        Black Helicopters

        Re: "comprehensively regulated cryptocurrency sector"

        Thumbs down because your reply doesn't seem to have anything to do with the topic at hand.

      4. Michael Wojcik Silver badge

        Re: "comprehensively regulated cryptocurrency sector"

        What a fascinating fantasy world you live in, Steve.

  4. Howard Sway Silver badge

    the founder was “happy to see that the Japanese exchange is moving forward"

    Well, it will be for about 48 hours whilst everyone withdraws all their money. How long it continues to exist after that once there's no point to it is the question. Although there may be enough stupids left who still believe it's going to magically generate wealth for them.

  5. spireite Silver badge

    So they need to open a Liquid Japan account, to move the money from FTX?

    Isn't this just moving and hiding the pea?

    If there was anything of sense in this, they'd let you move it directly into a FIAT currency in a real bank.....

    In realtity , this is giving nothing....

    Or am I wrong?

    1. Anonymous Coward
      Anonymous Coward

      It's Japan, so it's probably MAZDA currency.

      But I digress :).

  6. david 12 Silver badge

    With FTX, the "eXchange" down, there is no mechanism for exchanging the protected assets with anything. They've put in place a mechanism to move the assets out to LJ, which is still operational. From there, asset holders can do anything they want.

  7. F.Az.

    Japanese customers are in luck.

    Non-Japanese have an uphill task? Quoine Singapore (company behind Liquid Global) reported only 4 customers (yes 4) to the Delaware court:

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