FTX’s European Subsidiary Launches Website for Customer Withdrawals
FTX Europe begins the process of returning funds to customers in compliance with Cyprus law.
FTX Europe, the European subsidiary of the popular cryptocurrency platform FTX, has launched a new website to facilitate withdrawals for eligible customers. FTX EU’s decision to launch the new website for customer withdrawals follows the suspension of the company’s license by the Cyprus Securities and Exchange Commission, which resulted in the mandatory return of customer funds.
Eligibility and Withdrawal Process
Customers who opened their FTX EU account after March 2022 are the only ones eligible for withdrawals, while certain business partners may not be included. The new website is the only platform for submitting withdrawal requests and will be subjected to customary know-your-customer (KYC) and anti-money-laundering (AML) checks. This means that customers must undergo a formal verification process before being able to withdraw their funds.
FTX EU has stated that it will provide customers with a statement of their entitled fiat currency fund balances in compliance with Cyprus law. Designated customer accounts will hold the fiat currency balance of each FTX EU LTD customer and will be accessible for withdrawal. However, a customer’s withdrawal may be delayed if bank or other account details have not been sufficiently verified.
The Withdrawal Process
To withdraw their funds, customers must visit the new website, ftxeurope.eu. The website requires users to reset their existing passwords and generate new ones for the withdrawal site. The process may take some time as the company is subject to regulations and compliance with the Cyprus Securities and Exchange Commission.
Regulatory Compliance
FTX EU’s website is authorized and regulated by the Cyprus Securities and Exchange Commission. The company stated that it would interact with regulators in various European countries to maintain a safe and secure environment for cryptocurrency trading.
Conclusion
Prior to FTX EU’s announcement, FTX Japan had already disclosed its intention to allow withdrawals in mid-February 2023. FTX EU has now complied with regulations and returned customer funds through the launch of the new website. The website, along with the verification processes, aims to offer customers a secure and uncomplicated method of withdrawing their funds.
