CySEC Extends FTX Europe’s License Suspension Until September End

CySEC Extends FTX Europe’s License Suspension Until September End

On Wednesday, the Cyprus Securities and Exchange Commission (CySEC) confirmed an extension on the suspension of FTX (EU) Ltd’s authorization until the end of September 2023.

FTX Europe’s License Suspension

The Cyprus Investment Firm (CIF) license was initially suspended on 11 November 2022 following the bankruptcy filing of FTX.com, Alameda Research, and more than 130 affiliates. The suspension was then extended until the end of March 2023, which has now been extended further.

FTX Europe is headquartered in Switzerland and obtained a license from the Cyprus regulator in March 2022. Though the Cypriot license did not allow the exchange to offer crypto directly, it can provide derivative products. Additionally, the license was essential as the exchange can passport it to provide services within the entire European Economic Area (EEA).

FTX Europe Starts to Process Withdrawals

While the US bankruptcy proceedings of FTX and its affiliates are ongoing, FTX Europe recently launched a separate website to facilitate withdrawals for its customers. However, the entity did not reveal the number of withdrawals it processed in two weeks. FTX Japan also initiated withdrawals for its customers and processed over $50 million in digital assets and fiats within 24 hours.

The CySEC Chair also issued a statement earlier, confirming the regulator’s role in ensuring swift withdrawals.

„We are grateful to the FTX Group Administrators for their collaboration and support towards these efforts. Safeguarding the interests of investors is of paramount importance, and CySEC will continue to hold FTX EU Ltd to account to ensure all withdrawal requests are processed swiftly and appropriately,” said Dr. George Theocharides, the Chair of CySEC.

FTX Europe operated relatively independently from its tainted Bahamas-based partner, FTX.com. At the request of FTX management, a US court also permitted the sale of FTX Europe and three other FTX entities, FTX Japan, LedgerX, and Embed. Though the FTX management earlier revealed that more than 110 potential buyers are willing to acquire these businesses, there is no further update on any potential deal.

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This article was written by Arnab Shome at www.financemagnates.com.

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