FTX EU received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) in March 2022. This approval came just seven months before the parent company FTX collapsed in November of the same year. The collapse of FTX had no direct impact on FTX EU, as the two entities operated independently.

However, the approval from CySEC was seen as a positive step for FTX EU, as it allowed the company to comply with European Union regulations and provide its services to customers in the region. Despite the collapse of FTX, FTX EU continues to operate and has taken steps to repay its European users by launching a dedicated withdrawal website.

The European division of FTX, FTX EU, has recently introduced a dedicated website that enables its European clients to initiate withdrawal requests. This move is part of FTX EU’s efforts to address the payment issues that emerged after the FTX parent company’s collapse in November of the previous year.

The website is designed to streamline the withdrawal process and ensure that FTX EU can promptly reimburse its European users. With this initiative, FTX EU is demonstrating its commitment to its customers by making it easier for them to access their funds and minimize any potential disruption to their trading activities.

According to a recent report in Finance Magnates, the FTX European Union’s brand website domain – https://ftxeurope.eu/ – was authorized by the Cyprus Securities and Exchange Commission. This approval is a significant step for FTX EU, as it reaffirms the company’s commitment to compliance with the regulatory requirements of the European Union.

It also demonstrates that FTX EU is enhancing its transparency and accountability, critical factors in the current economic environment. With the new website, FTX EU aims to provide a seamless and secure platform for European users to request withdrawals and receive their funds promptly.

FTX Europe’s New Domain

According to a recent report, the new domain will only be utilized to repay affected customers. An email received by FTX Europe stated that the part would only provide additional services or products apart from facilitating the process of reimbursing its European users.

By providing a dedicated website solely for repayment, FTX EU aims to streamline the process and ensure that its customers receive their funds. Although FTX EU was accessible to users in the Middle East and the Europe Economic Region, it remains unclear how many customers were affected by the payment issues that followed FTX’s parent company collapse.

FTX EU has not disclosed the number of impacted customers or the extent of the payment disruption. However, with the introduction of the new withdrawal website, FTX EU is taking steps to address the issue and make the reimbursement process smoother for its customers.

As FTX EU was launched only in March 2022 and the parent company closed in November of the same year, it is unlikely that the payment issues impacted many users. Therefore, the number of affected customers is expected to be relatively small.

FTX Japan, another company branch, has already compensated affected clients. Near the end of February, they enabled the complete removal of funds, which equated to approximately fifty million dollars.

FTX EU was instructed by the regulatory authority in Cyprus to halt its activities on 9th November before FTX and it’s one hundred and thirty related entities formally declared insolvency on 11th November. FTX Europe was situated in Switzerland briefly while it was operational.