FTX EU opens European withdrawals website


CoinDesk Consensus

According to a Finance Magnates report, FTX EU has launched a website to allow former European customers to submit withdrawal requests. March 30th.

The site is for withdrawals.with license suspended

A quote from FTX EU indicates that the site is located at: fxeurope.euto process statutory balance claims only and no other services are provided.

Finance Magnates pointed out that the newly launched website is registered with the Cyprus Securities and Exchange Commission (also known as CySEC). He also mentioned that FTX EU has a regional headquarters in Cyprus alongside its headquarters in Switzerland.

CySEC reportedly suspended the company’s license to operate in November 2022, following the widespread collapse of FTX and Alameda Research that same month. This suspension was made for reasons including violations of market law regarding the composition of the FTX EU Council and to maintain the safety of client assets.

CySec has extended the suspension until March 2023 to give FTX EU additional time to comply with regulations and return funds belonging to clients.

According to Finance Magnates, the license for FTX EU is still suspended.

Other FTX funds are returned differently

FTX’s headquarters, which served US customers, plans to return funds through ongoing bankruptcy proceedings. There, he owes over $3 billion to the top 50 creditors and over $5 billion to nine million customers. It’s unclear when customers will see those funds.

However, some global branches are not part of this bankruptcy process. Another international branch, his FTX Japan, has launched its own withdrawal process through Liquid Japan from February 21, 2023. Subsequent reports suggest that some users had trouble withdrawing their funds as the company refused to do so.

FTX EU opened in March 2022, just months before FTX collapsed, while FTX Japan opened even later, in June 2022. Comprehensive user numbers are not available, but it appears that each division had fewer customers compared to FTX’s main branch.

Meanwhile, Bahamas-based FTX DM has been liquidated.

Posted In: FTX, Bankruptcy

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button