FTX EU, the European arm of the global trading platform, has launched a website to allow European customers to submit withdrawal requests. This move comes nearly five months after the platform’s collapse and bankruptcy in early November 2022.
According to a report in Finance Magnates, the new website domain name – https://ftxeurope.eu/ – was approved by the Cyprus Securities and Exchange Commission. The new domain will not offer any products or services other than paying back impacted customers, referencing an email received by FTX Europe.
The email reportedly stated, “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.”
It is not clear how many users were impacted as FTX EU was made available to users in the Europe Economic Area and Middle East. FTX EU only became available in March 2022, and the global enterprise collapsed in November, so numbers are not expected to be large.
FTX Japan, another subsidiary, has already made amends to impacted customers. In late February, it allowed a total withdrawal of funds, which amounted to about $50 million.
The Cyprus regulator requested FTX EU to suspend its operations on November 9, shortly before FTX Group and its 130 affiliated companies (including FTX EU) officially filed for bankruptcy on November 11. FTX Europe was headquartered in Switzerland for the relatively short duration that it operated.
FTX EU’s launch of the website marks a significant step in the company’s efforts to repay its customers. The website will make it easier for customers to submit their withdrawal requests and receive their funds.
The collapse of FTX Group and its subsidiaries has raised concerns about the regulation of global trading platforms. It remains to be seen what steps regulators will take to prevent similar incidents from occurring in the future.
In conclusion, FTX EU has launched a website for European customers to submit withdrawal requests. The website’s approval by the Cyprus Securities and Exchange Commission will enable FTX EU to pay back impacted customers. The collapse of FTX Group and its subsidiaries has raised concerns about the regulation of global trading platforms.