- CySEC has approved the platform only for account balance withdrawals.
- FTX Japan opened similar withdrawals on February 12.
FTX European arm, FTX EU, has launched a website for customers to access their accounts and submit withdrawal requests.
According to a report by Finance Magnates, the new website, under the domain name – https://fxeurope.eu/ – has been approved by the Cyprus Securities and Exchange Commission (CySEC) to offer no other service except balance withdrawals.
‘‘Please be informed that our new domain, www.ftx europe.eu, has been approved by our regulator CySEC as you have identified well. The website will only be used for all FTX EU Ltd clients to be able to claim their Fiat balances. There will be no services or products offered via this website.’’
The number of impacted users is projected to be lower, considering the platform operated in the region for a few months. It launched in March, and by November, the CySEC revoked its license just before the collapse of FTX.
FTX’s CySEC Approvals
FTX EU, which has regional headquarters in Cyprus and Switzerland, received approvals from CySEC in March last year after acquiring a local firm K-DNA Financial Services, and renaming it FTX EU Ltd. In September, the company was reportedly granted a license to operate as a Cyprus investment firm.
Two months later, the license – which permitted FTX EU to offer investment services in derivatives and other financial instruments except the direct trading of crypto assets in the EU – was suspended.
FTX Global is going through a chapter 11 bankruptcy in the US to recover over $3 billion owed to its 50 biggest creditors and $5 billion to nine million customers. The other FTX branch, FTX Japan, which opened withdrawals on February 12, is not part of the bankruptcy proceedings. FTX Japan launched in June 2022.
See Related: FTX Japan Reopens Allowing Crypto And Fiat Withdrawals For Investors
