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European withdrawals website launched by FTX EU

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European withdrawals website launched by FTX EU


Finance Magnates reported on March 30 that FTX EU has launched a website for former European customers to submit withdrawal requests.


Site is for withdrawals; license remains suspended

According to statements cited by FTX EU, the website will only deal with claims for fiat balances and will not offer any other services.

The newly launched website is registered with the Cyprus Securities and Exchange Commission, also known as CySEC, according to Finance Magnates. It also mentioned that FTX EU has a headquarters in Switzerland and a regional headquarters in Cyprus.

Following the broader collapse of FTX and Alameda Research in November 2022, CySEC reportedly suspended the company’s operating license. This suspension was imposed, among other things, to protect client assets and to prevent violations of market laws regarding the FTX EU board’s composition.

CySec stretched out the suspension to Walk 2023 to give FTX EU extra chance to conform to arrangements and return subsidizes having a place with clients.

Finance Magnates reports that the license for FTX EU is still suspended.




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Other FTX funds will be returned differently

Through an ongoing bankruptcy process, FTX’s main branch, which served customers in the United States, will return funds. There, it owes more than $3 billion to its 50 biggest leasers and $5 billion to 9,000,000 clients. Customers will not be able to see those funds for some time.

However, this bankruptcy procedure does not apply to all global branches. Beginning on February 21, 2023, another international branch, FTX Japan, opened its own withdrawal procedure via Liquid Japan. Some users may have had trouble withdrawing their funds as a result of the company rejecting their requests, according to subsequent reports.

FTX EU opened in Walk 2022 only months before FTX’s breakdown, while FTX Japan opened much later in June 2022. Although complete user counts are not available, it is likely that each division had fewer customers than FTX’s main branch.

In the meantime, the Bahamas-based FTX DM is being liquidated.


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