The European branch of FTX has set up a website to reimburse its European customers. The news comes five months after the global trading platform collapsed in early November. Users of the exchange can therefore start by submitting withdrawal requests via this website whose domain name would have been approved by CySEC.
The platform will only be used for withdrawal requests
It is on Twitter that the European subsidiary of FTX posted the information concerning the establishment of a website dedicated to withdrawal requests. The tweet is accompanied by a screenshot of the newly launched website to withdraw funds. The European branch of the collapsed crypto exchange has been pretty clear about the use of this new platform. The new domain will not actually offer any products or services other than reimbursing customers affected by FTX’s bankruptcy.
“The website will only be used for all FTX EU LTD customers to claim their FIAT balances. No services or products will be offered through this website”. Indicates a press release. Thus, the withdrawal platform will only be used by FTX EU LTD clients to receive reimbursement of their fiat balances. However, there has been no information on the number of authorized users at this time.
Recall that, FTX EU was made available to users in the Economic Area of Europe and the Middle East in March 2022, about seven months before the collapse of FTX in November. The number of people who have been able to take advantage of this service during its short life cannot be accurately quantified. However, the probability is strong that it is high.
CySEC Reportedly Approved Operation of FTX EU Website
According to the press release published by FTX Europe, the Cypriot regulator has approved the operation of the website dedicated to refunds. The mention is also readable at the bottom of the platform’s home page. As a reminder, it should be noted that the Cyprus Securities and Exchange Commission had previously required that FTX EU suspend operations on November 9.
This suspension has, among other things, led the entire group and its 130 affiliated companies to file for bankruptcy on 11 November. FTX Europe was based in Switzerland at that time. The implementation of this platform is obviously good news for European clients who have been impacted by the bankruptcy of FTX. That said, the European subsidiary of the collapsed Exchange is not the first branch to initiate a refund operation.
FTX Japan has already initiated a similar action for its customers. The latter were also the first users to recover their blocked funds since the fall of FTX. In February, this Japanese subsidiary of FTX authorized a complete withdrawal of funds for a total of approximately $50 million.
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