FTX-owned Liquid exchange pauses all trading after withdrawal halt

Liquid has suspended all trading operations on its platform according to directions from FTX Trading, the agency announced on Twitter on Nov. 20. The assertion signifies that Liquid exchange paused “all types of trading” due to the operation of the Chapter 11 course of within the Delaware courts.

“We have since accomplished so whereas we assess the state of affairs. We are working via these points and can endeavor to provide a fuller replace sooner or later,” Liquid added.

Liquid’s operational halt comes 5 days after the exchange suspended all withdrawals on its platform, citing compliance with the necessities of voluntary Chapter 11 proceedings. Japan’s Financial Services Agency beforehand additionally requested one other FTX’s native subsidiary, FTX Japan, to droop enterprise orders on Nov. 10.

As beforehand reported by Cointelegraph, Liquid just isn’t the one FTX subsidiary that confronted points as a result of ongoing chapter proceedings of its guardian agency. Bankrupt crypto lender Voyager Digital has been looking for one other purchaser after FTX US acquired its belongings in September. Crypto exchange CrossTower has been engaged on a revised supply for Voyager’s belongings because the agency has reopened the bidding course of, Cointelegraph reported on Nov. 13.

Related: Ripple to contemplate offers for FTX belongings: Brad Garlinghouse

Other FTX subsidiaries, together with LedgerX — which does enterprise as FTX US Derivatives — have been actively working to spin out from FTX. According to a strategic assessment of FTX’s international belongings, LedgerX was exempted as a debtor in FTX’s chapter submitting. According to a assessment by the monetary companies agency Perella Weinberg, many regulated or licensed subsidiaries of FTX have “solvent steadiness sheets, accountable administration and precious franchises.”

Perella Weinberg discovered that some FTX’s subsidiaries — together with FTX Japan, Quoine, FTX Turkey Teknoloji Ve Ticaret, FTX EU, FTX Exchange FZE and Zubr Exchange — are debtors.

The Japanese cryptocurrency exchange Liquid is halting all trading as a result of FTX submitting for Chapter 11 chapter safety within the United States.