Since November 7, when the FTX exchange crashed, nothing good has come out of the cryptocurrency industry. The crypto sector has heard one bad news after another and this is how things have been so far.

After FTX stopped withdrawals and trading services, it announced after a few days that it was filing for bankruptcy.

In the meanwhile, other subsidiaries of FTX continued to cease their operations in their jurisdictions. Some of these include FTX US, FTX Australia, Liquid, and even FTX Japan.

With every bad news, the trading price of FTX Token (FTT) has continued plummeting. The entire FTT had lost confidence in trusting the future of FTT. It was hoped that there might be some light at the end of the road.

Unfortunately, nothing good came out of the crash and things continued getting direr for the FTT community.

FTX Japan Lowers the Pressure

Finally, after the upsetting drama taking place throughout the FTX-verse, FTX Japan has made an announcement that has somewhat taken the pressure off FTT.

The Japan-based subsidiary of FTX exchange has announced that it is planning to resume the withdrawal access for its users.

It is either the end of 2022 or the beginning of 2023 when the withdrawals would resume. The recent announcement has uplifted the confidence of the investors a bit in FTT.

FTX Japan Prepares to Resume Withdrawals

As per the officials at FTX, they want to enable withdrawal access for the users and their goal is to make it happen by the beginning of 2023.

Following the FTX International collapse on November 7, the Financial Services Agency of Japan had reportedly taken matters into its own hands.

The regulator had launched a request that asked the officials at FTX Japan to cease their crypto-related operations in the country with immediate effect.

According to the regulator, FTX had filed for bankruptcy and they were being cautious that the crash contagion may expand to FTX Japan.

Their sole concern was the safety of the funds of their local investors. The FSA did not want the locals to suffer from a loss similar to the one they faced back in May when the Terra network crashed.

FTX Trading Limited has over 130 companies operating in different parts of the world. Therefore, with the bankruptcy being filed by FTX Trading Limited, all associated companies were to follow the lead.

Therefore, the exchange ended up affecting FTX Japan Services, FTX Japan, and FTX Japan Holdings.

Following the announcement, the damage the FTT price had been taking for the past two weeks has reduced significantly.

In the past couple of weeks, FTT’s price has suffered over 95% price dip. In the past 7-days, it has suffered a 36.47% dip, while in the past 24 hours, its price has surged 0.08%.

At the time of writing, the native token of the FTX exchange is sitting at $1.27.