FTX EU Launches New Web page for Withdrawals as Subsidiary Begins Returning Finances to Shoppers – Bitcoin Information

FTX’s European subsidiary, FTX Europe, has launched a new website,, 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 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 News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, FTX EU

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source link


Please enter your comment!
Please enter your name here

Share post:




Relevance Article

Markets Finish the Week within the Inexperienced in Anticipation the Fed Will Pause Charge Hikes

Key TakeawaysMarkets had a winning day on Friday, June 9, 2023, topping off a winning week on optimism the Fed may pause its interest rate hike cycle next...

Nigeria regulator halts Binance operations: Record

It has been a tough week for cryptocurrency exchange Binance. On June 9, Nigeria's securities authority reportedly deemed the exchange illegal, just days after Binance was sued by...

Good Contract Tokens and Defi Sector Undergo Steep Losses, Threatening TVL to Fall Underneath $40 Billion

The overall value of the crypto economy has dropped by more than 5% against the US dollar in the past 24 hours, with the top smart contract token...

Sonoma Prescription drugs Stocks Leap 44% After Introducing New Product

Key TakeawaysSonoma Pharmaceuticals shares jumped 44% on Friday after the company unveiled a product that could replace IV bags for some surgeries.The company said the treatment is for...