FTX Unit in Japan Becomes First to Resume Customer Withdrawals

The Japanese subsidiary of Sam Bankman-Fried’s failed crypto exchange plans to reopen withdrawals on Tuesday, making itself the first of the FTX group’s businesses to return money to clients.

FTX Japan K.K. will start allowing customers to withdraw their fiat and crypto funds at noon in Tokyo, it said in a statement.

FTX slid into a chaotic bankruptcy on Nov. 11, leaving more than a million creditors around the world stranded and exacerbating a downturn in the world’s crypto industry. Co-founder Bankman-Fried has pleaded not guilty to fraud charges ahead of a US trial.

Bankman-Fried is “happy to see ...