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FTX Europe Faces Suspension In Cyprus

**According to people familiar with the situation, Bloomberg reported that FTX Europe’s license as an investment firm in the European Union may be suspended as soon as today.**

FTX Europe Faces Suspension In Cyprus 2

A little less than two months ago, the exchange was granted the license, allowing it to conduct business throughout Europe.

The Cyprus Securities and Exchange Commission issued the license to Bankman-Fried’s exchange. The license mandates that FTX Europe adheres to the guidelines outlined in the MiFID II directive of the European Union.

The requirements include capital adequacy, client funds segregation and protection, and business transparency.

However, this is not the biggest blow to this exchange as it is needed here FTX CEO Sam Bankman-Fried has announced his resignation and filed for Chapter 11 bankruptcy of FTX, FTX US, and Alameda.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.