Japan cryptocurrency exchange Liquid may be the latest company to prevent withdrawals among the continuing crisis of centralized crypto exchanges.
The FTX-owned crypto exchange Liquid required to Twitter on November. 15 to formally announce a suspension of fiat and crypto withdrawals on its Liquid Global platform.
Addressing the reason why for that suspension, Liquid reported compliance using the needs of voluntary Chapter 11 proceedings within the U . s . States, noting:
“Due towards the Chapter 11 filing by FTX Buying and selling Worldwide, the best advantageous who owns Quoine Pte. Limited, Liquid Exchange (Quoine Pte.) is halting all withdrawals — both fiat and crypto currency.”
The exchange emphasized the latest measures are “not a burglar related halt,” adding that it’ll provide more details later on. The firm also recommended that it is users shouldn’t deposit either fiat or crypto until more updates can be found.
Fiat and crypto withdrawals happen to be suspended on Liquid Global in compliance using the needs of voluntary Chapter 11 proceedings within the U . s . States.
Until further notice we’d suggest not to deposit either FIAT or Crypto
We’ll provide updates when available.
— Liquid Global Official (@Liquid_Global) November 15, 2022
“We have conducted initial checks and find out no unusual activity,” Liquid stated inside a tweet on November. 12. However, Liquid immediately announced a suspension of crypto withdrawals on Liquid Global like a “precautionary measure,” until “additional security checks are completed.”
The November. 12 statement was Liquid’s very first on Twitter since late August 2022. It came soon after Japan’s Financial Services Agency requested FTX Japan to suspend business orders on November. 10.
Founded in 2014, Liquid is really a major cryptocurrency exchange licensed under Japan’s Payment Services Act through its Japanese operating entity, Quoine Corporation. As formerly as reported by Cointelegraph, FTX exchange acquired Liquid Group and it is subsidiaries in Feb 2022.