FTX EU Has Launched A Withdrawal website To Pay Back Its Users In Europe

March 31, 2023

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The European arm of FTX, FTX EU was approved by the Cyprus regulator in March 2022 which is about seven months before FTX collapsed. This arm of FTX i.e. FTX EU has recently launched a website to allows its European customers to submit withdrawal requests. The new website domain is named https://ftxeurope.eu/. Reportedly, this domain is approved by the Cyprus Securities and Exchange Commission too.

These efforts from FTX EU came nearly five months after the collapse of the global trading platform that went bankrupt in November 2022. As a result, the new domain is only meant for facilitating withdrawal to the impacted customers and not for offering any products or services.

Though the FTX EU has made the withdrawal website available for users in the European Economic Area and the Middle East, it does not have clarity on the number of users that were impacted. However, it is assumed that FTX EU was incorporated in March 2022 and FTX collapsed in November. Therefore, the numbers are not expected to be large.

However, the Cyprus regulator also requested FTX EU to suspend its operations on November 9, a few days before FTX group and its affiliated companies which also included FTX EU filed for bankruptcy. The FTX Europe was headquartered in Switzerland for the short duration that it operated i.e. March to November 2022.

Following the footsteps of FTX EU, another subsidiary of FTX i.e FTX Japan has already started to make amendments for impacted customers in the country. In February 2023, FTX Japan also allowed the total withdrawal of funds amounting to $50 Million.

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