FTX's Liquid Crypto Exchange Stop Withdrawals

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Crypto exchange Liquid, which is owned by FTX, has suspended withdrawals following the company's bankruptcy filing.

The FTX scandal did bring a domino effect to the market, with dwindling market confidence, prompting a wave of sell-offs in some of the major crypto assets, especially those related to FTX such as Solana (SOL) and Serum (SRM).

Several figures, one of which is Binance CEO Changpeng Zhao, also predicted that a domino effect from the FTX scandal would come to the crypto market, making the crypto winter take longer to end.

Several crypto exchanges have also begun delisting the original FTX (FTT) token and other related tokens, such as Binance, KuCoin, BitMEX and Indonesian crypto exchanges such as Indodax and PINTU.

Liquid Crypto Exchange Stop Withdrawals

According to a Cointelegraph report, the Japanese crypto exchange, Liquid, has decided to stop withdrawals on the platform as the company FTX went bankrupt.

For your information, Liquid is a crypto exchange founded in 2014, and acquired by FTX in February 2022. Liquid became the first exchange to be licensed under the Japanese Payment Services Act through the company behind it, Quoine Corporation.

Liquid has officially announced the stoppage measure, for the withdrawal of fiat and crypto assets on its global platform, as of Tuesday (15/11/2022).

“Due to the submission of Chapter 11 by FTX Trading International, the ultimate beneficial owner of Quoine Pte. Ltd, Liquid Exchange (Quoine Pte.) [decided to] stop all withdrawals, both fiat and crypto currency,” said the Liquid team.

Also, the company claims that the deprecation step is meant for a waiting period, not a deprecation due to security issues and so on.

He continued to say, the company will also provide updates regarding information on the development of the stock exchange at a later date.

“We recommend that users do not deposit fiat or crypto until more updates are available,” said the Liquid team.

Most notably, the stoppage move came shortly after the crypto exchange claimed that the assets in Liquid's wallet were not affected by the FTX scandal. All this was done on the grounds of "precautions and additional checks."

Moreover, the announcement that assets in Liquid are doing well came shortly after the Japan Financial Services Agency asked FTX Japan to suspend their business services on Thursday (10/11/2022).

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