FTX Europe, the European subsidiary of FTX, has launched a new website ftxeurope.eu for users to withdraw funds from the now defunct cryptocurrency platform. Withdrawal requests must be submitted through the new website and are subject to “customary customer recognition and anti-money laundering checks.”
FTX’s European division opens withdrawals to customers
Another division of FTX will allow withdrawals, according to apress releaseissued Friday, as FTX’s European subsidiary, FTX EU, has begun the process of returning segregated funds to customers in accordance with Cypriot law. The subsidiary was announced in March 2022.” We will interact with regulators in European countries to maintain a safe and secure environment for cryptocurrency trading,” said. Sam Bankman Fried, CEO at the time.
The announcement of the FTX EU withdrawal permit came after FTX Japan announced plans to begin withdrawals in mid-February 2023. For its European subsidiary, FTX EU will provide customers with a statement of their entitled fiat fund balances in accordance with Cyprus law; FTX EU was forced to return customer funds following the suspension of its license by the Cyprus Securities and Exchange Commission.
Only FTX EU customers who registered their accounts after March 2022 will be eligible for the withdrawal, and certain business partners will not be eligible. In addition, customers must undergo formal customer information (KYC) and anti-money laundering (AML) verification. The company states that “customers’ withdrawals may be delayed if their bank or other account details are not sufficiently verified.” FTX EU also indicated that it sent an email to FTX EU customers 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 explained. The announcement explains. The new website will require users to reset their existing passwords and generate new passwords for the withdrawal site; the FTX EU website is also licensed and regulated by the Cyprus Securities and Exchange Commission.
Image Credits: Shutterstock, Pixabay, Wiki Commons, FTX EU .
