FTX EU Launches New Website for Withdrawals as Subsidiary Starts Returning Funds to Customers
FTX’s European subsidiary, FTX Europe, has launched a new website, ftxeurope.eu, for users to withdraw funds from the now-defunct cryptocurrency platform. Withdrawal requests must be submitted through the new website and will 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 published on Friday, another division of FTX will allow withdrawals. FTX’s European subsidiary, FTX EU, has begun the process of returning segregated funds to customers in compliance with Cyprus law. The subsidiary was announced 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 firm, at the time.
FTX EU’s announcement of allowing withdrawals comes after FTX Japan announced its plan to open withdrawals in mid-February 2023. Regarding the European subsidiary, the company stated that it would provide customers with a statement of their entitled fiat currency fund balances in compliance with Cyprus law. FTX EU was forced to return customer funds following the suspension of the company’s license by the Cyprus Securities and Exchange Commission.
Only FTX EU clients who registered an account after March 2022 are eligible for withdrawals, and some business partners will not be included. Additionally, customers must undergo 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 firm stated. FTX EU also indicated that it had emailed FTX EU clients regarding the withdrawal process.
“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 website requires users to reset their existing passwords and generate new ones for the withdrawal site. FTX EU’s website is also authorized and regulated by the Cyprus Securities and Exchange Commission. Tags in this story anti-money laundering, authorized, business partners, Compliance, Cryptocurrency, Cryptocurrency Trading, Customer Accounts, customer balances, customer eligibility, Cyprus law, Cyprus Securities and Exchange Commission, delayed withdrawals, email notification, environment, fiat currency, formal verifications, ftx, FTX Europe, FTX Japan, Know-Your-Customer, new website, password reset, regulated, Regulations, safe and secure, Sam Bankman-Fried, segregated funds, Verification, withdrawal process, Withdrawals
What are your thoughts about FTX EU opening withdrawals to customers? Let us know in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. US Government Plans to Sell Over 41,000 Bitcoins Confiscated from Silk Road Hacker NEWS | 6 hours ago South Korean Court Denies Arrest Warrant for Terraform Co-Founder Daniel Shin NEWS | 17 hours ago
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