FTX-acquired crypto exchange Liquid suspends withdrawals

Exchanges • November 15, 2022, 7:50AM EST

UPDATED: November 15, 2022, 10:39AM EST

Quick Take

Liquid has suspended both fiat and crypto withdrawals.
FTX Trading Ltd. acquired Liquid Group and all of its operating subsidiaries in May.

Crypto exchange Liquid suspended both fiat and crypto withdrawals in order to comply with regulations relating to FTX's filing for Chapter 11 bankruptcy protection.

"Fiat and crypto withdrawals have been suspended on Liquid Global in compliance with the requirements of voluntary Chapter 11 proceedings in the United States," the company's official Twitter account stated. "Until further notice, we would suggest to not deposit either fiat or crypto."

FTX Trading Ltd. acquired Liquid Group and all of its operating subsidiaries — such as Quoine — in May. No purchase price was disclosed, but the now-failed crypto exchange had offered Liquid a $120 million loan beforehand.

The news comes after Japan's Financial Services Agency ordered FTX Japan, on Nov. 10, to cease business operations and to hold assets in the country equivalent to its balance-sheet liabilities until Dec. 9.

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FTX Japan was the result of FTX’s acquisition of Liquid Group.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].