Japanese crypto exchange owned by FTX, Liquid has announced plans to start the process of generating customer assets in 2023.
According to a December 29 statement published on the blog, the exchange is ready to return the assets entrusted by customers from FTX Japan and Liquid Japan, and is working on a report for January 2023 that will explain the details.
A statement from the team read:
“For the assets entrusted to us by our customers in FTX Japan and Liquid Japan, we are continuing the development of the system to be able to withdraw from the web version of Liquid Japan.”
According to Liquid, the system will allow users who cannot access FTX, to check their Japanese FTX balance from the Liquid Japan web version, and also make withdrawals from there. However, customers using the Liquid Japan platform are expected to be able to withdraw as usual.
On December 13, the exchange assured the community on Twitter that it cooperates with FTX Debtors, in relation to Liquid, and does not forget about its clients.
We cooperate with Debtors FTX as it relates to Liquidity. We have not forgotten about the user, and we will provide more updates when we can. Thank you for your continued patience and understanding.
– Official Liquid Global (@Liquid_Global) December 14, 2022
Related: FTX reportedly gets 3 more months to end all operations in Japan
On Nov 15, Liquid stopped all withdrawals following the liquidity crisis faced by its parent company FTX.
Shortly after November 21, the exchange suspended all trading operations on its platform in line with instructions from FTX Trading. According to a published statement, the Liquid exchange has paused “all forms of trading” due to FTX’s Chapter 11 bankruptcy filing.
On December 9, Cointelegraph reported that the Japanese authorities extended the deadline for the suspension of FTX Japan to March 9, 2023, extending the original deadline by three months because the company failed to return assets from custody to creditors. In mid-November, Japan’s Financial Services Agency (FSA) initially asked Japan’s FTX to suspend business orders on December 9.
Liquid, founded in 2014, is a cryptocurrency exchange licensed under the Japan Payment Services Act through its Japanese operating entity, Quoine Corporation. As previously reported by Cointelegraph, FTX acquired Liquid Group and its subsidiaries in February 2022.