FTX EU LTD,
the European subsidiary of the now-defunct FTX crypto exchange, has announced
the commencement of procedures enabling its customers to request final balances
in advance of withdrawing fiat currency funds remaining in segregated client
accounts. The Cypriot financial markets regulator, CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision
Read this Term, which oversees the
company, issued an announcement on the matter on Monday.FTX EU, formerly
known as K-DNA Financial Services LTD, is a European branch of Sam
Bankman-Fried (SBF) US crypto exchange that collapsed a few months ago, in November
2022. When the US branch collapsed, funds belonging to European customers were
frozen to ensure that future claims could be covered and deposits paid out. Finance
Magnates exclusively reported last week that FTX EU had launched a website that would
allow FTX EU customers to apply for the withdrawal of funds owed to them.FTX EU, a solvent entity, is now paying out its customers on https://t.co/MEw8Oz8vTk.Note: Almost none of FTX’s EU citizens are FTX EU users, because for some reason, FTX EU only onboarded customers registered from March 2022. pic.twitter.com/gu56Vysvlc— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) March 30, 2023The
company confirmed the news a day later in an official press note.Keep Reading FTX EU LTD (Cyprus) (formerly K-DNA Financial Services LTD) is commencing a process for its customers to request final balances on a dedicated website. Read details here: https://t.co/qamNICqGY4— FTX (@FTX_Official) March 31, 2023The
information published by FTX EU reveals that the company will provide customers
with a statement of fiat currency balances in accordance with MiFID II regulations.
Following this process, customers of FTX EU, subject to sufficient funds, will
be entitled to withdraw their fiat currency balance as segregated in designated
accounts.”The
balances will be communicated and verified, and subsequently withdrawal
requests may be submitted through the following website established for this
purpose: ftxeurope.eu. Any withdrawal requests will be subject to customary
know-your-customer and anti-money-laundering checks, and a customer’s
withdrawal may be delayed if bank or other account details have not been
sufficiently verified,” FTX EU commented. This
announcement pertains only to customers of FTX EU LTD who opened accounts
through FTX.com/eu (i.e., after 7 March 2022) and does not affect customers of
other FTX group businesses, even if located in Europe.In response
to FTX EU announcing its initiation of processes to return segregated funds to
investors under Cyprus Law, Dr George Theocharides, the Chair of CySEC, stated the
supervisor is glad that regulatory efforts have led to this favorable outcome,
following months of investor uncertainty and concern.”We
are grateful to the FTX Group Administrators for their collaboration and
support towards these efforts. Safeguarding the interests of investors is of
paramount importance and CySEC will continue to hold FTX EU Ltd to account to
ensure all withdrawal requests are processed swiftly and appropriately,” Theocharides
added.Before the shutdown of FTX.com
international platform, FTX EU operated as a MiFID II-regulated investment
firm offering trading in multi-asset derivatives, particularly with crypto
assets as the underlying. CySEC has suspended its license and ordered FTX EU
LTD to return funds to its customers who request withdrawals. Finance
Magnates’ check on CySEC’s public register shows that the permit is still
under suspension.FTX EU’s current profile on CySEC register showing the approved domains.FTX Japan Back on TrackRegulators worldwide
froze FTX affiliates’ funds after the collapse of the US exchange to protect
them from uncontrolled outflows. FTX’s Japanese office resumed withdrawing
client funds in late February through its Liquid Japan platform.”In
order to proceed with withdrawals, customers who have assets in their FTX Japan
account would need to confirm the balance of their assets and transfer them to
their Liquid Japan account,” the exchange’s official press release added.Users withdrew $50 million from the $138 million in the branch’s accounts in just one day. Information about the transfer of $157 million
in frozen FTX-linked assets was also reported last week by cryptocurrency
exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term OKX.Recently, Finance
Magnates
informed that FTX debtors agreed to sell
Mysten Labs Inc. preferred shares back to the Web3 startup for $96 million, according to
the fillings at the US Bankruptcy Court in Delaware.GMO heralds new investment and Komainu enhances custody. Check today’s news nuggets!FTX EU LTD,
the European subsidiary of the now-defunct FTX crypto exchange, has announced
the commencement of procedures enabling its customers to request final balances
in advance of withdrawing fiat currency funds remaining in segregated client
accounts. The Cypriot financial markets regulator, CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision
Read this Term, which oversees the
company, issued an announcement on the matter on Monday.FTX EU, formerly
known as K-DNA Financial Services LTD, is a European branch of Sam
Bankman-Fried (SBF) US crypto exchange that collapsed a few months ago, in November
2022. When the US branch collapsed, funds belonging to European customers were
frozen to ensure that future claims could be covered and deposits paid out. Finance
Magnates exclusively reported last week that FTX EU had launched a website that would
allow FTX EU customers to apply for the withdrawal of funds owed to them.FTX EU, a solvent entity, is now paying out its customers on https://t.co/MEw8Oz8vTk.Note: Almost none of FTX’s EU citizens are FTX EU users, because for some reason, FTX EU only onboarded customers registered from March 2022. pic.twitter.com/gu56Vysvlc— FTX 2.0pium (FTX Creditor) (@AFTXcreditor) March 30, 2023The
company confirmed the news a day later in an official press note.Keep Reading FTX EU LTD (Cyprus) (formerly K-DNA Financial Services LTD) is commencing a process for its customers to request final balances on a dedicated website. Read details here: https://t.co/qamNICqGY4— FTX (@FTX_Official) March 31, 2023The
information published by FTX EU reveals that the company will provide customers
with a statement of fiat currency balances in accordance with MiFID II regulations.
Following this process, customers of FTX EU, subject to sufficient funds, will
be entitled to withdraw their fiat currency balance as segregated in designated
accounts.”The
balances will be communicated and verified, and subsequently withdrawal
requests may be submitted through the following website established for this
purpose: ftxeurope.eu. Any withdrawal requests will be subject to customary
know-your-customer and anti-money-laundering checks, and a customer’s
withdrawal may be delayed if bank or other account details have not been
sufficiently verified,” FTX EU commented. This
announcement pertains only to customers of FTX EU LTD who opened accounts
through FTX.com/eu (i.e., after 7 March 2022) and does not affect customers of
other FTX group businesses, even if located in Europe.In response
to FTX EU announcing its initiation of processes to return segregated funds to
investors under Cyprus Law, Dr George Theocharides, the Chair of CySEC, stated the
supervisor is glad that regulatory efforts have led to this favorable outcome,
following months of investor uncertainty and concern.”We
are grateful to the FTX Group Administrators for their collaboration and
support towards these efforts. Safeguarding the interests of investors is of
paramount importance and CySEC will continue to hold FTX EU Ltd to account to
ensure all withdrawal requests are processed swiftly and appropriately,” Theocharides
added.Before the shutdown of FTX.com
international platform, FTX EU operated as a MiFID II-regulated investment
firm offering trading in multi-asset derivatives, particularly with crypto
assets as the underlying. CySEC has suspended its license and ordered FTX EU
LTD to return funds to its customers who request withdrawals. Finance
Magnates’ check on CySEC’s public register shows that the permit is still
under suspension.FTX EU’s current profile on CySEC register showing the approved domains.FTX Japan Back on TrackRegulators worldwide
froze FTX affiliates’ funds after the collapse of the US exchange to protect
them from uncontrolled outflows. FTX’s Japanese office resumed withdrawing
client funds in late February through its Liquid Japan platform.”In
order to proceed with withdrawals, customers who have assets in their FTX Japan
account would need to confirm the balance of their assets and transfer them to
their Liquid Japan account,” the exchange’s official press release added.Users withdrew $50 million from the $138 million in the branch’s accounts in just one day. Information about the transfer of $157 million
in frozen FTX-linked assets was also reported last week by cryptocurrency
exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term OKX.Recently, Finance
Magnates
informed that FTX debtors agreed to sell
Mysten Labs Inc. preferred shares back to the Web3 startup for $96 million, according to
the fillings at the US Bankruptcy Court in Delaware.GMO heralds new investment and Komainu enhances custody. Check today’s news nuggets!