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.

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News