FTX EU Subsidiary Launches New Website for Withdrawals

Nearly five months after the global trading platform FTX collapsed and went bankrupt, the European arm of the crypto firm, FTX EU, has launched a website to allow European customers to submit withdrawal requests.

According to a report by Finance Magnates, the new website domain was reportedly approved by the Cyprus Securities and Exchange Commission. The announcement was after FTX Japan announced its plan to open withdrawals for payment earlier.

Investors King gathered that the new website will not offer any products or services other than paying back affected customers. While the new domain will only attend to customers within Europe and the Middle East, it is however not clear what will happen to users in other locations like Africa. 

A statement released by the company noted that 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. The new website also requires users to reset their existing passwords and generate new ones for the withdrawal site.

“Please be informed that our new domain, www.ftxeurope.eu has been approved by our regulator CYSEC as you have well identified. The website will only be used for all FTX EU Ltd clients to be able to claim their fiat balance. There will be no services or products offered via this website,” the statement read. 

It would be recalled that in November 2022, FTX faced a liquidity crisis which later led to its collapse. The exchange had earlier sought a bailout from a rival exchange, Binance, which was unsuccessful due to investigations by the U.S. Securities and Exchange Commission SEC. 

Subsequently, on November 11 2022, the firm filed for bankruptcy when it ran out of money. At the time of the collapse, FTX was the third-largest cryptocurrency exchange in the world.