Share this article
BTC
$93,727.13
-
0.15%ETH
$1,757.84
-
1.97%USDT
$1.0005
+
0.01%XRP
$2.2763
+
1.93%BNB
$600.97
+
0.37%SOL
$146.06
-
1.70%USDC
$1.0001
+
0.02%DOGE
$0.1755
-
1.91%ADA
$0.6889
-
0.71%TRX
$0.2462
-
1.18%SUI
$3.5460
-
0.09%LINK
$14.54
+
0.65%AVAX
$21.49
-
1.07%XLM
$0.2823
-
0.53%LEO
$8.9892
-
0.28%TON
$3.2106
-
0.46%HBAR
$0.1898
+
2.25%SHIB
$0.0₄1336
-
0.77%BCH
$346.63
-
1.22%LTC
$84.53
-
1.97%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
FTX Closed Acquisition of Liquid Exchange a Few Days Late
The news came to light in an email to Liquid's shareholders.
![A delay in paying shareholders “shows that the existing international wire transfer [system] is fundamentally broken,” Liquid CEO Mike Kayamori said. (Photo: World Economic Forum)](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fstaging%2F0bbdba4493f2fce988314f11cfc3ffcf71fbe98d-1440x960.jpg%3Fauto%3Dformat&w=3840&q=75)
FTX completed the acquisition of Japanese crypto exchange Liquid on April 4, a few days after the deal had been scheduled to close, according to an email to Liquid shareholders from CEO Mike Kayamori that was obtained by CoinDesk.
- The deal, which was first announced in February, was expected to close by the end of March, according to an earlier blog post by Liquid.
- Instead, Kayamori wrote in the letter sent Sunday from the Bahamas, where crypto exchange FTX is based and where it co-hosted last week’s Crypto Bahamas conference, that the acquisition closed on April 4.
- Kayamori had to wait until the beginning of May to thank shareholders for their support, he wrote, because some of them hadn't received their consideration.
- “There were some human errors,” Kayamori explained, but the delay “shows that the existing international wire transfer [system] is fundamentally broken and crypto (stablecoins) can solve this problem.”
- Kayamori’s email says that Liquid’s operations will be renamed FTX Japan and FTX Singapore once the company obtains a license from the Monetary Authority of Singapore.
- Liquid is being sued for wrongful termination by a former employee who alleges the Singapore subsidiary made her a “scapegoat” after it suffered a $90 million breach last year.
- FTX, which extended Liquid a $120 million loan in the wake of the hack before agreeing to buy the exchange outright, hasn't disclosed how it much paid to purchase Liquid.
Lavender Au
Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.
