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Friday, January 27, 2023

FTX’s Liquid Crypto Exchange Has Halted All New Withdrawals

Liquid, a cryptocurrency exchange from Japan, has turned out to be the latest company to completely stop withdrawals as the crisis regarding FTX’s collapse looms large on the crypto exchanges.

The crypto exchange that is owned by FTX did take to Twitter on the 15th of November to finally announce a suspension on all forms of crypto and fiat withdrawals on the Liquid Global platform. The Japanese exchange cited compliance with the requirements that were part of the proceedings written down in Chapter 11, with the company stating that due to the filing done by FTX Trading Internation, the ultimate beneficial owner of Quoine Pte. Ltd, Liquid Exchange would be completely halting all of the withdrawals- both crypto and fiat currency. 

FTX Owned Liquid Crypto Exchange Has Suspended Withdrawals

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The FTX-owned exchange also went on to emphasize that the recent measures were not a halt related to security, as they added that they would be providing a lot more information at a later date. The firm also went on to suggest that the users of the company should not be depositing either crypto or fiat currencies until they are able to put through more updates on the Internet. This news did come shortly after the Japanese exchange claimed that most of the customer assets on the Liquid wallets were not impacted by the contagion of FTX, with the parent company halting all forms of withdrawals on the 10th of November. 

In a tweet on the 12th of November, the FTX-owned Liquid stated that they had already conducted multiple checks and didn’t find any unusual activity. However, this didn’t stop the company from immediately announcing a complete suspension of all crypto withdrawals on the exchange- largely as a precautionary measure until the added security checks were completed. 

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