FTX EU Launches Website for Withdrawal Requests After FTX’s Collapse
The European branch of FTX, FTX EU, has launched a new website to allow European customers to submit withdrawal requests.
This move comes nearly five months after the global trading platform FTX collapsed and went bankrupt in November 2022.
FTX EU was only approved by the Cyprus regulator in March 2022, about seven months before FTX’s collapse, making it unclear how many users were impacted.
FTX EU’s new website domain name, ftxeurope.eu, was approved by the Cyprus Securities and Exchange Commission. The website will only be used for all FTX EU LTD clients to claim their FIAT balances. It will not offer any other products or services, as stated in an email received by FTX Europe.
FTX Japan, another subsidiary, has already made amends to impacted customers by allowing a total withdrawal of funds amounting to about $50 million in late February. FTX EU’s headquarters were located in Switzerland for the relatively short duration that it operated.
READ MORE: Cathie Wood Predicts Consequences of Biden Administration’s Crypto Crackdown
FTX EU and FTX Group’s bankruptcy
The Cyprus regulator requested FTX EU to suspend its operations on November 9, shortly before FTX Group and its 130 affiliated companies (including FTX EU) officially filed for bankruptcy on November 11. Although FTX EU was only operational for a few months, it faced similar challenges as its parent company, FTX, which was hit by a regulatory crackdown in many countries, leading to a significant decline in trading volumes.
The collapse of FTX has raised concerns among customers and regulators about the risks associated with trading on crypto exchanges. The industry is facing increased scrutiny from regulators worldwide. Some governments even seek to ban or restrict access to cryptocurrencies.
As the industry continues to evolve, exchanges and regulatory bodies must work together to ensure users’ safety and market stability.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
