FTX Crash Hits South Korea and Singapore as FTX Japan Plans to Resume Withdrawals

A study on the nations most affected by the FTX crash was published on November 20 by cryptocurrency industry data portal CoinGecko.

Naturally, the majority are in Asia given that American investors used FTX.US rather than the defunct global exchange. According to CoinGecko, South Korea had the greatest monthly user count, with the largest traffic share of 6.1%, or an average of 297,229 unique monthly visitors to FTX.com. The South Korean government has now accelerated its regulatory framework, the Digital Asset Basic Act, expected to be finalized in 2023.

Singapore came in second on that list, with 241,675 monthly users, or 5% of FTX’s total traffic. The article stated that a switch to FTX occurred as a result of Binance’s shutdown in Singapore in December 2021.

Japan had the third-largest user base, with 223,513 unique people from that nation accessing FTX.com on a monthly average. SoftBank, a major Japanese investor, reportedly committed $100 million in FTX earlier this year. Taiwan and India were also in the top 10, and more than 25% of FTX users came from the top 15 Asian nations.

The article also mentioned how Asian exchanges had gained market share as a result of the FTX crash. Binance had gained a 7% market share, and OKX increased its own by 1.1% to 13% overall.

FTX Japan Preparing to Allow Withdrawals by Year End

According to a report by broadcaster NHK, the Japanese division of the insolvent cryptocurrency exchange FTX is getting ready to resume customer withdrawals before the end of the year. The country’s Financial Services Agency (FSA) gave the exchange the go-ahead to halt operations on Nov. 10 in response to Sam Bankman-crypto Fried’s bankruptcy claims.

Withdrawals cannot be resumed right now, according to an unidentified exchange official, since FTX Japan employs the same payment system as its parent firm, which is presently halted.He added though that FTX Japan is preparing for when withdrawals will be possible, with the end of the year being the aim.