FTX EU Launches New Website for Withdrawals as Subsidiary Starts Returning Funds to Customers

FTX’s European subsidiary, FTX Europe, has launched a brand new web site, ftxeurope.eu, for customers to withdraw funds from the now-defunct cryptocurrency platform. Withdrawal requests have to be submitted by means of the brand new web site and shall be “subject to customary know-your-customer and anti-money-laundering checks.”

FTX’s European Arm Opens Withdrawals to Customers

According to a press release printed on Friday, one other division of FTX will enable withdrawals. FTX’s European subsidiary, FTX EU, has begun the method of returning segregated funds to clients in compliance with Cyprus regulation. The subsidiary was introduced in March 2022. “We will interact with regulators in various European countries to maintain a safe and secure environment for cryptocurrency trading,” said Sam Bankman-Fried, then-CEO of the agency, on the time.

FTX EU’s announcement of permitting withdrawals comes after FTX Japan announced its plan to open withdrawals in mid-February 2023. Regarding the European subsidiary, the corporate said that it will present clients with an announcement of their entitled fiat foreign money fund balances in compliance with Cyprus regulation. FTX EU was pressured to return buyer funds following the suspension of the corporate’s license by the Cyprus Securities and Exchange Commission.

Only FTX EU purchasers who registered an account after March 2022 are eligible for withdrawals, and a few enterprise companions is not going to be included. Additionally, clients should bear formal know-your-customer (KYC) and anti-money-laundering (AML) verifications. “A customer’s withdrawal may be delayed if bank or other account details have not been sufficiently verified,” the agency said. FTX EU additionally indicated that it had emailed FTX EU purchasers concerning the withdrawal course of.

“Each FTX EU LTD customer will be entitled to withdraw their balance (in fiat currency) segregated in designated customer accounts,” the announcement explains. The new web site requires customers to reset their current passwords and generate new ones for the withdrawal website. FTX EU’s web site can also be approved and controlled by the Cyprus Securities and Exchange Commission.

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