FTX Europe Launches New Fiat Withdrawal Only Website For Local Customers

Key Points:

• FTX Europe subsidiary Finance Magnates has created a new website for its customers to withdraw balances from the platform.
• This website only provides fiat withdrawals without any other service.
• The site allows former European FTX customers to submit withdrawal requests starting March 30.

According to Finance Magnates, FTX Europe, the European subsidiary of bankrupt crypto exchange FTX, has created a new website for its customers to withdraw balances from the platform.

According to the report, the website ftxeurope.eu will only process claims of fiat balances, and no other services will be provided. The Cyprus Securities and Exchange Commission (CySE) has approved the new domain name.

With the general collapse of FTX and Alameda Research in November 2022, CySEC is said to have suspended the company’s operating license. The FTX EU board’s composition violates market regulations, and that suspension was implemented, among other things, to protect the security of client assets.

When logging into the new site, a dialog will pop up asking the user to “log in to your FTX EU account to view your balance and request a withdrawal.” The old, old site is still unavailable at this time.

Another international affiliate, FTX Japan, opened its withdrawal process through Liquid Japan starting February 21, 2023. Subsequent reports showed that some users had difficulty withdrawing due to the company denying their withdrawals.

Meanwhile, US users, which comprise FTX’s most extensive customer base, are still waiting to be refunded through the ongoing bankruptcy process. It is known to owe more than $3 billion to the 50 largest creditors and $5 billion to 9 million customers. It needs to be clarified when customers will be able to see those funds.

To this day, the founder and former CEO of FTX believed to be primarily responsible for the collapse of FTX and Alameda Research, Sam Bankman-Fried (SBF), has not pleaded guilty. His legal team is still working hard to keep his client from incurring any penalties due to “negligence” in management.

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