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    Home»News»FTX Subsidiary, Liquid Exchange Pauses Trading and Withdrawals
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    FTX Subsidiary, Liquid Exchange Pauses Trading and Withdrawals

    Anietie DavidBy Anietie DavidNovember 21, 2022Updated:November 21, 2022No Comments2 Mins Read
    FTX Subsidiary, Liquid Exchange Pauses Trading and Withdrawals
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    According to FTX Trading’s directives, Liquid Exchange has ceased all trading activities on its platform. The company made the announcement on Twitter on November 20. According to the statement, Liquid Exchange halted “all types of trading” as a result of the Chapter 11 procedure taking place in the Delaware Courts.

    Dear Customers,

    We have been instructed by S&C, who act for FTX Trading, to pause all forms of trading on our exchange because of the operation of the Chapter 11 process in the Delaware Courts.

    — Liquid Global Official (@Liquid_Global) November 20, 2022

    “We have since done so while we assess the situation. We are working through these issues and will endeavor to give a fuller update in due course,” Liquid added. 

    Five days ago, the exchange froze all withdrawals from its platform due to Liquid’s operational stoppage, citing compliance with the conditions of voluntary Chapter 11 proceedings. FTX Japan, a local affiliate of FTX, has previously been asked by Japan’s Financial Services Agency to halt business orders on November 10.

    Related:

    • FTX Trading Owes Top 50 Creditors Total of About $3.1B
    • Crypto Firm Genesis Block Ceases Trading Amidst FTX Aftershock 
    • Australia’s Financial Regulators Revoke FTX Australia License 

    Liquid is not the only FTX subsidiary that has had problems as a result of the parent company’s continuing bankruptcy problems. Since FTX US purchased Voyager Digital’s assets in September, the bankrupt cryptocurrency lender has been looking for a new buyer. As the company has reopened the bidding process, cryptocurrency exchange CrossTower has been working on a fresh offer for Voyager’s assets.

    Other FTX subsidiaries, including LedgerX -which does business as FTX US Derivatives According to a strategic review of FTXS global assets, LedgerX was exempted as a debtor in FTXS bankruptcy filing. Many of FTX’s regulated or licensed companies, according to an examination by the financial services company Perella Weinberg, have “sustainable balance sheets, prudent management, and significant franchises.”

    Perella Weinberg found that some FTXS subsidiaries including FTX Japan, Quoine, FTX Turkey Teknoloji Ve Ticaret, FTX EU, FTX Exchange FZE and Zubr Exchange- are debtors. 

    Crypto Exchange FTX FTX Exchange Liquid Exchange
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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