FTX subsidiary Liquid ceases all operations

FTX subsidiary Liquid ceases all operations

Liquid said in an announcement on its Twitter account on November 20 that they have stopped all trading on their platform in line with FTX Trading instructions. Liquid stated that it has ceased all trading-related operations as it has filed for bankruptcy under Article 11 in Delaware Court.

Liquid said, “We’ve done this since then when assessing the company’s situation. “We are working on these issues and will update more extensively when the time comes.”

Liquid’s operational halts come 5 days after the company suspended all withdrawals on its platform. On the other hand, Japan Financial Services Corporation had previously requested FTX Japan, the Japanese arm of FTX, to suspend the placing of orders for trading on November 10.

As previously reported by Cointelegraph, Liquid is not the only company affected by the ongoing bankruptcy proceedings at its parent company, FTX. Bankrupt crypto lender Voyager Digital is trying to find a new buyer after FTX US bought its assets last September. Crypto exchange CrossTower is working on a revised bid for the company’s assets, as Voyager reopened its bidding process, Cointelegraph reported on November 13.

Like LedgerX, FTX’s other subsidiaries are actively working to break up with FTX. LedgerX operates as FTX US Derivatives. LedgerX has also been exempted as a debtor in filing for bankruptcy that the exchange initiated under Article 11, according to a strategic review of FTX’s global assets. Many licensed and regulated subsidiaries of FTX have solvency balance sheets, responsible management and valuable franchises, according to reviews by financial services firm Perella Weinberg.

Perella Weinberg revealed that subsidiaries of the FTX exchange, such as FTX Japan, FTX Turkey Technology and Trade, Quoine, FTX EU, FTX Exchange FZE and Zubr exchange, are in debt.

Japanese cryptocurrency exchange Liquid is halting all trading as FTX files for bankruptcy under Article 11 in the US.

Soruce : https://tr.cointelegraph.com/news/ftx-owned-liquid-exchange-pauses-all-trading-after-withdrawal-halt

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