FTX EU's Regulatory Approval and Collapse Timeline
FTX EU, the European arm of FTX, received approval from the Cyprus regulator in March 2022, only to collapse in November of the same year. The company has launched a website to help European users submit withdrawal requests and get their money back after the global trading platform's bankruptcy.
New Domain Approved by CySEC for Reimbursements
The Cyprus Securities and Exchange Commission (CySEC) has approved the new website domain, as reported by Finance Magnates. This domain will exclusively focus on paying back impacted customers without offering other products or services.
FTX EU's Limited Services and Impacted Users
FTX EU was accessible to users in the European Economic Area and the Middle East. However, the exact number of affected users remains unclear. Considering FTX EU was available only from March to November 2022, the impact is expected to be limited.
FTX Japan Reimburses Affected Customers
FTX Japan, another subsidiary of the global enterprise, has already made amends to its impacted customers. In late February, the company allowed a total withdrawal of funds, which amounted to about $50 million.
FTX EU's Suspension and Bankruptcy Filing
The Cyprus regulator requested FTX EU to suspend its operations on November 9th, shortly before FTX Group and its 130 affiliated companies, including FTX EU, officially filed for bankruptcy on November 11th. FTX Europe was headquartered in Switzerland during its short operational period.
