FTX-owned crypto exchange Liquid halts all withdrawals

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The Japanese cryptocurrency exchange Liquid is the latest company to halt withdrawals amid the ongoing crisis of centralized crypto exchanges.

The FTX-owned crypto exchange Liquid took to Twitter on Nov. 15 to officially announce a suspension of fiat and crypto withdrawals on its Liquid Global platform.

Addressing the reasons for the suspension, Liquid cited compliance with the requirements of voluntary Chapter 11 proceedings in the United States, noting:

ā€œDue to the Chapter 11 filing by FTX Trading International, the ultimate beneficial owner of Quoine Pte. Ltd, Liquid Exchange (Quoine Pte.) is halting all withdrawals ā€” both fiat and crypto currency.ā€

The exchange emphasized that the latest measures are ā€œnot a security related halt,ā€ adding that it will provide more information at a later date. The firm also suggested that its users should not deposit either fiat or crypto until more updates are available.

The news comes shortly after Liquid claimed that customer assets on Liquid wallets were not impacted by the FTX contagion, with the FTX exchangeĀ halting all withdrawals on Nov. 10.

ā€œWe have conducted initial checks and see no unusual activity,ā€ Liquid said in a tweet on Nov. 12. However, Liquid immediately announced a suspension of crypto withdrawals on Liquid Global as a ā€œprecautionary measureā€ until ā€œadditional security checks are completed.ā€

The Nov. 12 statement was Liquidā€™s first appearance on Twitter since late August 2022. It came shortly after Japanā€™s Financial Services AgencyĀ requested FTX Japan to suspend business ordersĀ on Nov. 10.

Related: FTX founder Sam Bankman-Fried removes ā€˜assets are fineā€™ flood from Twitter

Founded in 2014, Liquid is a major cryptocurrency exchange licensed under Japanā€™s Payment Services Act through its Japanese operating entity, Quoine Corporation. As previously reported by Cointelegraph, FTXĀ acquired Liquid Group and its subsidiariesĀ in February 2022.

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