FTX’s European affiliate, 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 via the new website and will be “subject to the usual know-your-customer and anti-money laundering checks.”
FTX’s European arm opens withdrawals to clients
according to a Press release posted on Friday, another division of FTX will allow withdrawals. FTX’s European subsidiary, FTX EU, has begun the process of returning segregated funds to clients in accordance with Cyprus law. The subsidiary was announced in March 2022. “We will interact with regulators in various European countries to maintain a secure environment for cryptocurrency trading.” saying Sam Bankman-Fried, then the firm’s CEO, at the time.
FTX EU’s announcement to allow 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 clients with a statement of balances. of fiat currency funds to which they are entitled under Cyprus law. . FTX EU was forced to return client 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 trading partners will not be included. In addition, clients must undergo formal know-your-customer (KYC) and anti-money laundering (AML) checks. “A customer’s withdrawal may be delayed if bank details or other account details have not been sufficiently verified,” the firm stated. FTX EU also indicated that it had sent an email to FTX EU clients about the withdrawal process.
“Each client of FTX EU LTD will have the right to withdraw their balance (in fiat currency) segregated into designated client accounts,” the announcement explains. The new website requires users to reset their existing passwords and generate new ones for the retirement site. The FTX EU website is also authorized and regulated by the Cyprus Securities and Exchange Commission.
What do you think about opening FTX EU withdrawals to clients? Let us know in the comments section.
image credits: Shutterstock, Pixabay, Wiki Commons, FTX EU
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