FTX-Backed Crypto Exchange Liquid Freezes All Withdrawals

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In February 2022, Liquid Group, a Japanese cryptocurrency trading platform, and its affiliates were purchased by Sam Bankman Fried’s-FTX crypto exchange.

The newest company to suspend withdrawals in the current issue of centralized cryptocurrency exchanges is the Japanese crypto exchange Liquid.

On November 15, the FTX-owned cryptocurrency exchange Liquid formally announced a suspension of fiat and cryptocurrency withdrawals on its Liquid Global platform.

Regarding the grounds for the suspension, Liquid referred to adherence to US voluntary Chapter 11 standards, stating:

“Liquid Exchange (Quoine Pte.) is suspending all withdrawals – both fiat and cryptocurrency — due to the Chapter 11 filing by FTX Trading International, the ultimate beneficial owner of Quoine Pte. Ltd.”

The recent actions are “not a security-related halt,” the exchange clarified, adding that it will provide more details later. Additionally, the company advised customers to hold off on making any deposits in fiat or cryptocurrency until additional information became available.

Following Liquid’s statement that customer assets in Liquid wallets were unaffected by the FTX contagion when the FTX exchange stopped all withdrawals on November 10, the news was released shortly after.

On November 12, Liquid tweeted, “We have done preliminary checks and notice no odd activity.”

As a “precautionary measure,” Liquid Global’s cryptocurrency withdrawals have been suspended, nevertheless, until “further security checks are performed.”

FTX-Backed Crypto Exchange Liquid Freezes All Withdrawals

Since late August 2022, Liquid hadn’t posted anything on Twitter until the statement on November 12. It happened soon after the Financial Services Agency of Japan asked FTX Japan to halt business transactions on November 10.

Licensed under the Payment Services Act of Japan through its Japanese operating company, Quoine Corporation, Liquid is a prominent cryptocurrency exchange that was established in 2014.

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Mufasa
Mufasa
Mufasa is the lead writer at CryptoMufasa who likes to share all the latest info on the crypto world with you! Mufasa Enjoys enjoys a good read and recommendations so don't forget to comment on the posts and let him know.

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