FTX Europe launches site for customer withdrawals

Registered CySEC firm FTX Europe has launched a dedicated website, the functionality of which allows European clients of the bankrupt platform to submit a withdrawal request. Finance Magnates reports.

The site does not contain information about new products or services.

“The website is created for FTX EU clients. They can request withdrawal of fiat balances,” — said in a letter by the organisation.

FTX Europe received a license from CySEC in March 2022. At that time, the subsidiary’s stated aim was to broaden its global presence by tapping the European market.

Regulator approval allowed the firm to ‘serve the entire European Economic Area’. In November 2022 CySEC announced the suspension of the licence.

One of FTX’s creditors noted that most EU citizens interacted with the global platform rather than with FTX EU.

FTX EU, a solvent entity, is now paying out its customers on https://t.co/MEw8Oz8vTk.

Note: Almost none of FTX’s EU citizens are FTX EU users, because for some reason, FTX EU only onboarded customers registered from March 2022. pic.twitter.com/gu56Vysvlc

— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) March 30, 2023

21 February 2023, the Japanese unit of the FTX Japan platform resumed withdrawals of digital assets and fiat. In November 2022, the entity froze this option after a directive from the local regulator.

In the same month, the Securities Commission of the Bahamas blocked the assets of FTX Digital Markets and affiliated entities, and suspended the company’s licence in the country.

In March 2023, the OKX platform said it would transfer the frozen assets related to FTX and Alameda Research, amounting to ~$157 million.

As disclosed in a March court filing, the exchange’s total asset shortfall to cover customer claims stood at $8.7 billion, with $1.6 billion in Bitcoin.