FTX-owned crypto exchange Liquid halts all withdrawals

The Japanese cryptocurrency alternate Liquid is the newest firm to halt withdrawals amid the continuing disaster of centralized crypto exchanges.

The FTX-owned crypto alternate Liquid took to Twitter on Nov. 15 to formally announce a suspension of fiat and crypto withdrawals on its Liquid International platform.

Addressing the explanations for the suspension, Liquid cited compliance with the necessities of voluntary Chapter 11 proceedings in the USA, noting:

“Because of the Chapter 11 submitting by FTX Buying and selling Worldwide, the final word helpful proprietor of Quoine Pte. Ltd, Liquid Alternate (Quoine Pte.) is halting all withdrawals — each fiat and crypto foreign money.”

The alternate emphasised that the newest measures are “not a safety associated halt,” including that it’s going to present extra info at a later date. The agency additionally advised that its customers shouldn’t deposit both fiat or crypto till extra updates can be found.

The information comes shortly after Liquid claimed that buyer property on Liquid wallets weren’t impacted by the FTX contagion, with the FTX alternate halting all withdrawals on Nov. 10.

“Now we have performed preliminary checks and see no uncommon exercise,” Liquid stated in a tweet on Nov. 12. Nevertheless, Liquid instantly introduced a suspension of crypto withdrawals on Liquid International as a “precautionary measure” till “further safety checks are accomplished.”

The Nov. 12 assertion was Liquid’s first look on Twitter since late August 2022. It got here shortly after Japan’s Monetary Providers Company requested FTX Japan to droop enterprise orders on Nov. 10.

Associated: FTX founder Sam Bankman-Fried removes ‘property are nice’ flood from Twitter

Based in 2014, Liquid is a serious cryptocurrency alternate licensed beneath Japan’s Cost Providers Act via its Japanese working entity, Quoine Company. As beforehand reported by Cointelegraph, FTX acquired Liquid Group and its subsidiaries in February 2022.

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