FTX EU opens European withdrawals website

FTX EU has opened a website to allow former European customers to submit withdrawal requests, according to a report from Finance Magnates on March 30.

Site is for withdrawals; license remains suspended

Quoted statements from FTX EU indicate that the site, located at ftxeurope.eu, will solely handle fiat balance claims and that no other services will be offered.

Finance Magnates noted that the newly-launched website is registered with the Cyprus Securities and Exchange Commission (also known as CySEC). It additionally noted that FTX EU has regional headquarters in Cyprus alongside its headquarters in Switzerland.

CySEC reportedly suspended the company’s operating license in November 2022 following the broader collapse of FTX and Alameda Research that same month. That suspension was carried out due to violations of market laws concerning the composition of the FTX EU board and in order to preserve the safety of client assets, among other reasons.

CySec extended the suspension to March 2023 in order to give FTX EU additional time to comply with provisions and return funds belonging to clients.

FTX EU’s license is still under suspension, according to Finance Magnates.

Other FTX funds will be returned differently

FTX’s main branch, which served U.S. customers will return funds through an ongoing bankruptcy process. There, it owes more than $3 billion to its 50 largest creditors and $5 billion to nine million customers. It is unclear when customers may see those funds.

However, some global branches are not part of this bankruptcy process. Another international branch, FTX Japan, opened its own withdrawal process through Liquid Japan starting on February 21, 2023. Subsequent reports suggest that some users had difficulties withdrawing their funds as the company denied their withdrawals.

FTX EU opened in March 2022 just months before FTX’s collapse, while FTX Japan opened even later in June 2022. Though comprehensive user counts are not available, each division likely had few customers compared to FTX’s main branch.

The Bahamas-based FTX DM, meanwhile, is being liquidated.