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.
“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.
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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.