Japanese cryptocurrency trade Liquid is the newest firm to halt withdrawals amid the continuing disaster affecting centralized crypto exchanges.

FTX-owned crypto trade Liquid took to Twitter on Nov. 15 to formally announce a suspension of fiat and crypto withdrawals on its Liquid World platform.

As for the explanations for the suspension, Liquid cited compliance with the necessities of the voluntary Chapter 11 course of in america, noting:

“Upon the Chapter 11 submitting by FTX Buying and selling Worldwide, the final word helpful proprietor of Quoine Pte. Ltd, Liquid Alternate (Quoine Pte.) halts all withdrawals – each fiat and cryptocurrencies.”

The trade harassed that the newest measures are “not a security freeze,” including that it’ll present extra info at a later date. The agency additionally steered that its customers shouldn’t deposit fiat or crypto till extra updates can be found.

Fiat and crypto withdrawals have been suspended at Liquid World in accordance with the necessities of america’ voluntary Chapter 11 submitting.

Till additional discover, we suggest not depositing FIAT or Crypto

We are going to present updates as they change into obtainable.

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

The information comes shortly after Liquid claimed that buyer funds in Liquid wallets weren’t affected by the FTX contagion because the FTX trade halted all withdrawals on November tenth.

“We have now carried out preliminary checks and usually are not seeing any uncommon exercise,” Liquid mentioned in a tweet on Nov. 12. Nevertheless, Liquid instantly introduced a suspension of crypto withdrawals on Liquid World as a “precautionary measure” till “further safety evaluations are accomplished.”

The Nov. 12 assertion was Liquid’s first look on Twitter since late August 2022. It got here shortly after Japan’s financial providers regulator, FTX, requested Japan to droop enterprise orders on Nov. 10.

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Based in 2014, Liquid is a significant cryptocurrency trade licensed underneath the Cost Providers Legislation of Japan by its Japanese working unit, Quoine Company. As beforehand reported by Cointelegraph, the FTX trade acquired Liquid Group and its subsidiaries in February 2022.