Customers can now withdraw their fiat funds from the platform using a new website that has been developed by FTX EU.
The ftxeurope.eu will reportedly solely handle fiat balance claims; no other services will be offered. The Cyprus Securities and Exchange Commission has registered the recently created website (CySEC).
Regional offices for FTX EU are located in Switzerland and Cyprus. The company’s operating license was canceled by CySEC in November 2022 as a result of the general failure of FTX and Alameda Research.
The FTX EU board’s composition and the need to protect client assets, among other things, were in violation of market laws, which led to the suspension.
Then, the suspension was extended through March 2023 to provide FTX EU more time to follow rules and repay client funds. With the company owing $5 billion to its nine million clients and $3 billion to its 50 largest creditors, FTX’s main branch, which catered to US clients, is in the process of declaring bankruptcy. The exact date when clients will receive their money is unknown.
In February 2023, other international branches, such FTX Japan, started their own withdrawal procedure through Liquid Japan. Numerous users complained that they had trouble getting their money out of FTX Japan because the firm rejected their withdrawals.
Just a few months before the collapse of FTX and Alameda Research, FTX EU opened in March 2022. FTX Japan debuted even later, in June 2022. Although detailed user data are not accessible, it is expected that each division will have fewer clients than FTX’s main branch.
The Bahamas-based company FTX DM is currently in liquidation. The founder and former CEO of FTX, Sam Bankman-Fried (SBF), who is thought to be primarily to blame for the demise of FTX and Alameda Research, has not admitted guilt as of yet. His legal team is still making a lot of effort to prevent his client from having to pay any fines due to “management negligence.”
