European clients will now be allowed to transfer assets in a short break. A new website has been introduced by FTX EU, the cryptocurrency exchange’s European division, allowing customers to seek withdrawals of the money they have invested from the platform. Investors are still puzzled as it is unclear what will happen to the assets kept on the defunct FTX platform.
The Cyprus Securities and Exchange Commission (CYSE) Approves a New Domain Name, for Balance Withdrawal Purposes
According to a recent report, the Securities and Exchange Commission of Cyprus (CySE) has authorized the use of the new domain name (ftxeurope.eu), which will only be functional for balance removal. Through the recently established website, no services or goods will be provided. According to FTX Europe, CYSEC has approved their request for their new name, www.ftxeurope.eu. Clients of FTX EU will only be able to use any FIAT funds they may have through this website. This website will not sell any services or goods.
FTX EU was founded in March 2022 as a member of the 130 associated companies, SBF-led FTX Group. Unfortunately, the complete company filed for bankruptcy in October 2022, seven months after the initial filing. The business was tasked with selling its goods to consumers in Europe via an authorized trading company based in the European Economic Area. Switzerland served as the location of its corporate offices.
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The section was instructed to cease activities on the 9th of November, two days earlier than the tragic incident, by the Cyprus watchdogs. The number of people impacted by the impact is anticipated to be much smaller than in other nations because the company only existed for a short time.
A bankruptcy lawyer claimed that FTX has found over $5 billion in assets in a meeting. The lawyer claimed that they had found more than $5 billion worth of cash and marketable assets. They have discovered liquid financial assets, liquid cryptocurrency, and over $5 billion in cash, all valued at petition date value. This figure excludes the $450 million in coins that the Bahamas Securities Commission presently holds.
FTX Japan Recently Announces to Restart its Withdrawal Feature for Clients
FTX Japan was another company that recently declared restarting the withdrawal feature for clients. Even though the new name has been approved, the www.ftx.com/eu page is still inaccessible.