FTX EU Launches New Website for Withdrawals – A press release published on Friday states that another subsidiary of FTX will permit withdrawals. In accordance with Cyprus law, FTX EU, the European company of FTX, has initiated the process of restoring segregated funds to customers. In March of 2022, the subsidiary was announced.
“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.
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Regarding its European subsidiary, the company declared that, in accordance with Cyprus law, it will furnish consumers with a disclosure of their entitled fiat currency fund balances. Following the suspension of the company’s license by the Cyprus Securities and Exchange Commission, FTX EU was required to restore customer funds.
Withdrawals will be restricted to FTX EU customers who opened an account after March 2022, except certain business partners. In addition, official know-your-customer (KYC) and anti-money-laundering (AML) verifications are required of all customers. “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.