FTX Europe Launches New Website for Customer Balance Withdrawal

FTX Europe, the European subsidiary of bankrupt
cryptocurrency exchange, FTX, has created a new website for its customers to withdrawal their balance from the platform. The new domain name, https://ftxeurope.eu/, was approved by the Cyprus Securities and Exchange Commission (CySE).

Finance Magnates learned the new domain will offer no products or any other services apart from
balance withdrawal.

“Please be informed that our new domain, www.ftxeurope.eu, has been approved by our regulator CySEC as you have well identified. The website will only be used for all FTX EU LTD clients to be able to claim their FIAT balances. There will be no services or products offered via this website,” FTX Europe told Finance Magnates via email.

Finance Magnates’ check on the new domain brings up a dialogue box asking users to “log in to your FTX EU account in order to see your balance and to request a withdrawal.” On the other hand, www.ftx.com/eu remains unresponsive at this time.

Keep Reading

FTX EU’s new domain for withdrawal of customer balance.

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

Finance Magnates’ check on CySEC’s public register shows https://ftxeurope.eu is an approved domain owned by FTX EU.

FTX EU’s current profile on CySEC register showing the approved domains.

Finance Magnates also found that CySEC earlier this month modified the public profile of FTX EU on its register. As of press time, the Cypriot regulator is yet to response to request for a comment.

CySEC modified FTX EU’s profile on its public register on the 7th of this month.

FTX EU, which is headquartered in Switzerland and has
regional headquarters based in Cyprus, first gained CySEC approval in March
2022 to offer regulated cryptocurrency products in Europe. The company had
announced it would provide its services through the domain ftx.com/eu. FTX EU was previously K-DNA Financial Services Limited but was renamed after acquisition by the cryptocurrency exchange.

However, in the aftermath of the collapse of FTX in November
last year, CySEC suspended the operating license of FTX EU which obtained full
authorization as a Cyprus Investment Firm (CIF) two months earlier. The CIF
license enables FTX EU to offer crypto derivatives products and not direct
exchange of digital assets.

CySEC said it suspended the subsidiary’s license for
violations of the country’s regulated markets laws by having unsuitable members
on its Management Board and not meeting the organization’s requirements for
safeguarding clients’ assets. Additionally, the regulator explained that the decision was taken
“for the protection of investors and the orderly operation of the market,” and
gave the subsidiary firm one month to take necessary actions to comply with the
provisions.

However, in late December, CySEC extended the suspension of
FTX EU’s license to March 2023, in order to allow the subsidiary firm “to
proceed with the necessary actions in order to comply with the relevant
provisions of the Investment Services and Activities and Regulated Markets Law
of 2017.”

Announcing the extension, CySEC said the subsidiary could
“complete all its own transactions and those of its clients which are before
it, in accordance with client instructions.” Moreover, the firm could return
all funds and financial instruments belonging to clients, the regulator added.

Finance Magnates’ check on the CySEC register shows that the FTX
EU Limited license is still under suspension.