In March 2022, FTX EU, the European subsidiary of the FTX global trading platform, received approval from the Cyprus Securities and Exchange Commission (CySEC).
However, just seven months later, the parent company FTX faced collapse in November, leaving many customers in a financial predicament. FTX EU recently launched a dedicated website responding to this crisis, enabling European customers to submit withdrawal requests.
The New Website Domain – FTXEurope.eu
FTX EU’s new website, https://ftxeurope.eu/, was approved by the Cyprus Securities and Exchange Commission, as reported by Finance Magnates. The sole purpose of this domain is to facilitate the repayment of affected customers; it will not offer any additional products or services. According to an email received by FTX Europe, the company 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.”
Uncertainty Surrounding the Number of Impacted FTX EU Users
Although FTX EU was accessible to users in the European Economic Area and the Middle East, the exact number of affected customers remains unknown.
Given the short timeframe between FTX EU’s launch in March 2022 and the collapse of the global enterprise in November, the impact is not expected to be extensive.
FTX Japan, another subsidiary of the FTX Group, has already taken action to assist impacted customers. For example, the company facilitated the total withdrawal of funds in late February, amounting to approximately $50 million.
Regulatory Action and Bankruptcy Filing for FTX EU
On November 9, the Cyprus regulator requested that FTX EU suspend its operations. This move came shortly before the FTX Group and its 130 affiliated companies (including FTX EU) officially filed for bankruptcy on November 11.
During its brief operation, FTX Europe was headquartered in Switzerland. That was before the unfortunate collapse of its parent company, FTX, left customers seeking restitution for their financial losses.
With the launch of the new website, FTX EU is taking steps to address the concerns of its clients and facilitate the withdrawal of their funds.
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