- FTX EU develops a new website to assist affected European customers with withdrawals.
- The Cyprus Securities and Exchange Commission allegedly approved the new domain name-, https://ftxeurope.eu/.
- This new website will not offer any additional services or products; its sole purpose will be to handle requests for reimbursement from impacted customers.
The FTX exchange‘s EU-based subsidiary has taken on the task of compensating customers who lost investments last year. Before the main exchange failed, the EU branch had only been in operation for seven months.
It occurs almost five months to the day after the worldwide trading platform’s bankruptcy and collapse in early November. A report in Finance Magnates claims that the Cyprus Securities and Exchange Commission (CySEC) has approved the new website, which can be accessed at https://ftxeurope.eu/.
The report also revealed that the site’s primary purpose is to compensate users who lost money as a result of the main exchange’s crash. As a result, it won’t sell any products or provide services beyond these. Customers of FTX EU LTD can only access their FIAT funds online.
A dialogue box appears when users click Finance Magnates’ check on the new domain, requesting that they “log in to your FTX EU account in order to see your balance and to request a withdrawal.“
Users in the European Economic Area and the Middle East were able to access FTX EU in March 2022, not long before the worldwide company failed in November.
The division was instructed to cease activities on November 9th, two days before the tragic incident, by the Cyprus watchdogs.
It is unknown how many individuals utilised this service during its brief existence, so it is unlikely that user numbers will be significant.
Numbers are not anticipated to be high because FTX EU was only made accessible in March 2022 and the global business failed in November. The platform’s job was to provide company products to clients in Europe through a registered investment firm throughout the European Economic Area. Its main office was in Switzerland.