FTX Japan Resumes Transactions

02/26/2023 14:23 • Tech Trends • 77 views

It is reported that FTX Japan previously resumed withdrawal on February 21, allowing users to transfer funds to the Liquid Japan account. At present, Hibiki Trader, a Japanese cryptocurrency dealer, has successfully withdrawn all funds. The exchange confirmed the matter on social media and expressed its gratitude to FTXJP.

Hibiki Trader, a Japanese cryptocurrency dealer, has confirmed to raise all funds from FTX Japan

Analysis based on this information:

FTX Japan has resumed its withdrawal transactions allowing its users to transfer funds to the Liquid Japan account. The exchange, which previously suspended its withdrawal service due to a malfunctioning back-end system, has been in talks with the Japanese regulator, the Financial Services Agency (FSA). Hibiki Trader, a Japanese cryptocurrency dealer, has successfully withdrawn all of its funds from the exchange. Following the successful transaction, FTX Japan expressed its gratitude to Hibiki Trader on its social media platform.

This news comes as a relief to many investors and traders as they can now freely withdraw their funds. The temporary suspension of the withdrawal function had raised concerns among the cryptocurrency community as such incidents in the past have resulted in bankruptcy or insolvency. The resumption of the withdrawal function reestablishes investor’s confidence in the exchange and the cryptocurrency market in Japan.

This incident also highlights the importance of having a proper back-end system in place for running cryptocurrency exchanges. Back-end systems are responsible for administering the exchange’s account management, order processing, risk management, trade reconciliation, and other critical functions. Malfunctioning or failure of these systems can result in transactional errors, slower response times, and delays or loss of the user’s funds.

In conclusion, the resumption of the withdrawal function for FTX Japan and the successful withdrawal of funds by Hibiki Trader demonstrates the resilience and robustness of the cryptocurrency market in Japan. Both the exchange and the regulator must continue to work together to strengthen the security and efficiency of the back-end systems. Having robust back-end systems is critical to ensure the integrity, stability, and sustainability of the cryptocurrency market in Japan.

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