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FTX launches new fiat withdrawal website for EU customers

ftx-launches-new-fiat-withdrawal-website-for-eu-customers
Edited by
News
FTX launches new fiat withdrawal website for EU customers

FTX EU, a subsidiary of the bankrupt crypto exchange FTX, has launched a new website that allows customers to withdraw their fiat balances from the platform. 

According to reports, the ftxeurope.eu will only manage fiat balance claims, and no other services will be available.

The recently launched website is registered with the Cyprus Securities and Exchange Commission (CySEC). FTX EU has regional headquarters in Cyprus and Switzerland.

CySEC revoked the firm’s operating license in November 2022 following the broader collapse of FTX and Alameda Research. The suspension was due to violations of market laws regarding the composition of the FTX EU board and the need to safeguard client assets’ safety, among other factors.

The suspension has later been extended until March 2023, giving FTX EU more time to adhere to regulations and return client funds.

Returns for other FTX funds vary

FTX’s main branch, which served US clients, is in the process of bankruptcy, with the firm owing $3 billion to its 50 largest creditors and $5 billion to nine million customers. However, it is unclear when clients will receive their funds.

Other global branches, such as FTX Japan, launched their own withdrawal process through Liquid Japan in February 2023. Some users reported having difficulty withdrawing their funds from FTX Japan, as the company declined their withdrawals.

FTX EU opened in March 2022, just months before the FTX and Alameda Research’s collapse, while FTX Japan launched even later in June 2022. Although comprehensive user statistics are unavailable, each division will likely have fewer customers than FTX’s main branch. FTX DM, based in the Bahamas, is currently in liquidation.

Sam Bankman-Fried (SBF), the founder and former CEO of FTX, who is believed to be primarily responsible for the collapse of FTX and Alameda Research, has not pled guilty to this day. His legal team is still working hard to keep his client from paying any penalties because of “negligence” in management.