Japanese Bitcoin exchange Liquid suspends withdrawals

Liquid, the Japanese bitcoin exchange owned by FTX, suspended withdrawals in both crypto assets and fiat currencies.

Fiat and crypto withdrawals have been suspended on Liquid Global in compliance with the requirements of voluntary Chapter 11 proceedings in the United States.

Until further notice we would suggest to not deposit either FIAT or Crypto

We will provide updates when available.

— Liquid Global Official (@Liquid_Global) November 15, 2022

«Until further notice, we advise against depositing fiat or crypto,» the statement said.

The exchange team said the move was related to filing for bankruptcy by the FTX Group under Chapter 11 of the U.S. Bankruptcy Code. Liquid pledged to publish further information as it becomes available.

In February, FTX acquired the Japanese crypto exchange and related entities. The deal also involved Singapore’s Quoine Corporation and Quoine Pte. The Quoine platform operating under the Liquid brand was among the first recipients of licenses from the FSA in 2017.

In the summer, Sam Bankman-Fried’s company announced the launch of a local subsidiary, rebranding Liquid as FTX Japan K.K.

In November, the FSA ordered the local subsidiary to suspend operations and move to a close-only mode.

Bankman-Fried, in an interview with the New York Times, expressed regret over the collapse of FTX and acknowledged that events could have played out in a more dramatic fashion.

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