FTX Europe, the European arm of FTX cryptocurrency exchange, which filed for bankruptcy, has recently launched its website, which has been approved by the Cyprus Securities and Exchange Commission (CySE).
This new website has been designed specifically to allow FTX EU LTD clients to withdraw their FIAT balances. According to FTX Europe, the new website will not offer any products or services other than balance withdrawal.
In an email response to Finance Magnates, FTX Europe confirmed that their new domain name had been approved by CySE and according to the company’s statement, the website will exclusively serve clients of FTX EU LTD to claim their FIAT balances. The email also made it clear that the website would not offer any services or products to customers.
Upon checking the new domain, Finance Magnates discovered that users are prompted to log in to their FTX EU account to access their balance and request a withdrawal. However, at the time of checking, the website https://www.ftx.com/eu was unresponsive.
After examining CySEC’s public register, Finance Magnates has confirmed that the domain https://ftxeurope.eu is owned by FTX EU and is an approved domain.
The approved domains owned by FTX EU are currently displayed on their profile in the CySEC register.
Earlier this month, Finance Magnates discovered that the public profile of FTX EU on CySEC’s register had been modified.
On the 7th of this month, FTX EU’s profile on CySEC’s public register was modified
FTX’s European branch has initiated customer withdrawals
On Friday, FTX made a press release announcing that another of its divisions would now allow customer withdrawals. FTX EU, the European subsidiary, has begun the process of returning segregated funds to its eligible clients by Cyprus law. This announcement comes after FTX Japan announced its plans to open withdrawals in mid-February 2023.
In March 2022, FTX announced the establishment of its European branch, which was met with high expectations from industry experts. “We are committed to maintaining a secure and compliant environment for cryptocurrency trading and will continue to engage with regulators across various European countries,” said the former CEO, Sam Bankman-Fried.
After the suspension of its license by the CySE, the subsidiary had to return customer funds. Only customers who registered after March 2022 can withdraw their funds, and some business partners may not be eligible. Moreover, customers are required to undergo formal KYC and AML checks. The firm stated that a customer’s withdrawal may be delayed if the bank or other account details have not been sufficiently verified.
In compliance with Cyprus law, FTX EU is obligated to provide customers with a statement of their entitled fiat currency fund balances. The company has also emailed FTX EU clients regarding the withdrawal process.
Each of FTX EU LTD’s clients has the ability to cash out their balance (in fiat money), which is kept separate in designated client accounts. To access the withdrawal site, users must reset their existing passwords and generate new ones. FTX EU’s website is authorized and regulated by the Cyprus Securities and Exchange Commission.
Final Thoughts
This move by FTX to allow withdrawals to its European customers shows its commitment to maintaining a safe and secure environment for cryptocurrency trading in compliance with regulatory bodies. With the establishment of FTX EU earlier last year, the company has shown its intent to expand its operations in Europe, and the recent announcement regarding customer withdrawals is a step towards building trust and a long-term relationship with its European clientele
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.
