FTX EU has launched a withdrawal page to reimburse European users
March 31, 2023 10:07 AM
The Cyprus regulator only approved FTX EU in March 2022, approximately seven months before FTX failed in November.
FTX EU, the company's European subsidiary, has developed a website where European consumers can make withdrawal requests.
It comes roughly five months after the global trading platform declared bankruptcy in early November.
According to Finance Magnates, the Cyprus Securities and Exchange Commission accepted the new website domain name — https://ftxeurope.eu/.
A screenshot of the newly opened FTX EU withdrawal website. Source: FTX Europe
According to the allegation, which cites an email received by FTX Europe, the new site would not offer any products or services other than reimbursing harmed clients.
"Please be advised that, as you have correctly determined, our new domain, www.ftxeurope.eu, has been approved by our regulator CySEC. All FTX EU LTD customers will use the website to withdraw their FIAT balances. This website will not offer any services or products."
Although FTX EU was made available to users in the EAEU and MENA region, the exact number of those affected is unclear.
FTX EU just became available in March 2022, and the global enterprise collapsed in November, thus numbers are not likely to be high.
Another subsidiary, FTX Japan, has already made reparations to affected clients. It permitted a total withdrawal of money of around $50 million in late February.
On November 9, the Cyprus regulator recommended that FTX EU halt its operations, just days before FTX Group and its 130 connected companies (including FTX EU) filed for bankruptcy on November 11.
For the brief time that it was in operation, FTX Europe was based in Switzerland.
The Cyprus Securities and Exchange Commission has approved the FTX EU website: Source: Cyprus Securities and Exchange Commission