The Japanese cryptocurrency change Liquid is the most recent firm to halt withdrawals amid the continued disaster of centralized crypto exchanges.
The FTX-owned crypto change Liquid took to Twitter on Nov. 15 to formally announce a suspension of fiat and crypto withdrawals on its Liquid World platform.
Addressing the explanations for the suspension, Liquid cited compliance with the necessities of voluntary Chapter 11 proceedings in america, noting:
“As a result of Chapter 11 submitting by FTX Buying and selling Worldwide, the last word useful proprietor of Quoine Pte. Ltd, Liquid Trade (Quoine Pte.) is halting all withdrawals — each fiat and crypto foreign money.”
The change emphasised that the most recent measures are “not a safety associated halt,” including that it’ll present extra info at a later date. The agency additionally instructed that its customers shouldn’t deposit both fiat or crypto till extra updates can be found.
Fiat and crypto withdrawals have been suspended on Liquid World in compliance with the necessities of voluntary Chapter 11 proceedings in america.
Till additional discover we’d counsel to not deposit both FIAT or Crypto
We’ll present updates when accessible.
— Liquid World Official (@Liquid_Global) November 15, 2022
The information comes shortly after Liquid claimed that buyer property on Liquid wallets weren’t impacted by the FTX contagion, with the FTX change halting all withdrawals on Nov. 10.
“We’ve got carried out preliminary checks and see no uncommon exercise,” Liquid mentioned in a tweet on Nov. 12. Nevertheless, Liquid instantly introduced a suspension of crypto withdrawals on Liquid World as a “precautionary measure” till “extra 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 Companies Company requested FTX Japan to droop enterprise orders on Nov. 10.
Associated: FTX founder Sam Bankman-Fried removes ‘property are tremendous’ flood from Twitter
Based in 2014, Liquid is a significant cryptocurrency change licensed beneath Japan’s Cost Companies Act by way of its Japanese working entity, Quoine Company. As beforehand reported by Cointelegraph, FTX acquired Liquid Group and its subsidiaries in February 2022.
