The Cyprus Securities and Exchange Commission (CySEC) has extended the license suspension of FTX EU Ltd until 31 March 2024. This decision comes in response to market instability caused by FTX and several of its subsidiaries filing for Chapter 11 bankruptcy in the United States.
In an official statement published by CySEC on its website, during the suspension period, FTX is allowed to execute all transactions initiated by its clients based on their instructions. This provision ensures that existing customers are not affected while FTX deals with its regulatory challenges.
“While the license suspension is in effect, as set forth in Article 9 of DI87-05, FTX EU Ltd is not permitted to offer or carry out investment services or activities, or to enter into any commercial transaction with any person and accept any new client,” CySEC said. Or advertise itself as a provider of investment services.”
However, FTX has the right to return all funds attributed to its clients. The regulator explained that this ensures customers’ assets are protected and can be accessed if they choose to withdraw them.
Get more information about FTX (EU) Ltd
CySEC Decision to Extend FTX (EU) Ltd’s CIF License Suspension https://t.co/5JY7hdpzqV
— CySEC (@CySEC_official) October 23, 2023
In April, CySEC announced an extension of the FTX EU license suspension until the end of September 2023. This license suspension began on November 11, 2022, after… bankruptcy
bankruptcy
Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. The company and the person may declare bankruptcy. When a person or company files for bankruptcy, it is described as voluntary bankruptcy, and when debtors force you into bankruptcy, it is referred to as involuntary bankruptcy. Voluntary bankruptcy occurs when the debtor or borrower, the party who owes money, files with the courts. Involuntary bankruptcy occurs when your credits file a petition with the company
Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. The company and the person may declare bankruptcy. When a person or company files for bankruptcy, it is described as voluntary bankruptcy, and when debtors force you into bankruptcy, it is referred to as involuntary bankruptcy. Voluntary bankruptcy occurs when the debtor or borrower, the party who owes money, files with the courts. Involuntary bankruptcy occurs when your credits file a petition with the company
Read this term
Files for FTX.com, Alameda Research, and over 130 affiliated entities.
FTX EU, which is headquartered in Switzerland, received a license from CySEC in March 2022. The approval has enabled it to offer derivative products and other services in the European Economic Area.
Dr. George Theokarides, Chairman CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory body in Cyprus. CySEC is one of the main supervisory bodies for brokerage firms in Europe, whose financial regulations and operations are compatible with the European financial harmonization law MiFID. Founded in 2001, CySEC plays an integral role in providing licensing and registration for forex brokers and formerly binary options providers. Responsible for a variety of different functions, which includes supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory body in Cyprus. CySEC is one of the main supervisory bodies for brokerage firms in Europe, whose financial regulations and operations are compatible with the European financial harmonization law MiFID. Founded in 2001, CySEC plays an integral role in providing licensing and registration for forex brokers and formerly binary options providers. Responsible for a variety of different functions, which includes supervision
Read this term“Protecting investor interests is of the utmost importance, and CySEC will continue to hold FTX EU Ltd accountable to ensure that all withdrawal requests are processed quickly and appropriately,” he stated.
FTX EU regulatory process
FTX initially gained approval for its domain, www.ftx.com/eu, after acquiring K-DNA Financial Services Ltd. Subsequently, the platform was rebranded as FTX EU Ltd. In September, FTX EU announced that it had obtained a license to operate as a Cyprus investment firm from CySEC.
In April, FTX EU launched a dedicated website to allow its clients to request final paper balances and withdrawals in accordance with MiFID II regulations. Upon confirmation of balances, eligible customers can continue to withdraw their fiat currency balances from segregated accounts through the ftxeurope.eu website, Finance poles
mentioned.
The Cyprus Securities and Exchange Commission (CySEC) has extended the license suspension of FTX EU Ltd until 31 March 2024. This decision comes in response to market instability caused by FTX and several of its subsidiaries filing for Chapter 11 bankruptcy in the United States.
In an official statement published by CySEC on its website, during the suspension period, FTX is allowed to execute all transactions initiated by its clients based on their instructions. This provision ensures that existing customers are not affected while FTX deals with its regulatory challenges.
“While the license suspension is in effect, as set forth in Article 9 of DI87-05, FTX EU Ltd is not permitted to offer or carry out investment services or activities, or to enter into any commercial transaction with any person and accept any new client,” CySEC said. Or advertise itself as a provider of investment services.”
However, FTX has the right to return all funds attributed to its clients. The regulator explained that this ensures customers’ assets are protected and can be accessed if they choose to withdraw them.
Get more information about FTX (EU) Ltd
CySEC Decision to Extend FTX (EU) Ltd’s CIF License Suspension https://t.co/5JY7hdpzqV
— CySEC (@CySEC_official) October 23, 2023
In April, CySEC announced an extension of the FTX EU license suspension until the end of September 2023. This license suspension began on November 11, 2022, after… bankruptcy
bankruptcy
Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. The company and the person may declare bankruptcy. When a person or company files for bankruptcy, it is described as voluntary bankruptcy, and when debtors force you into bankruptcy, it is referred to as involuntary bankruptcy. Voluntary bankruptcy occurs when the debtor or borrower, the party who owes money, files with the courts. Involuntary bankruptcy occurs when your credits file a petition with the company
Bankruptcy or insolvency is a legal term and refers to the inability to pay debts. The company and the person may declare bankruptcy. When a person or company files for bankruptcy, it is described as voluntary bankruptcy, and when debtors force you into bankruptcy, it is referred to as involuntary bankruptcy. Voluntary bankruptcy occurs when the debtor or borrower, the party who owes money, files with the courts. Involuntary bankruptcy occurs when your credits file a petition with the company
Read this term
Files for FTX.com, Alameda Research, and over 130 affiliated entities.
FTX EU, which is headquartered in Switzerland, received a license from CySEC in March 2022. The approval has enabled it to offer derivative products and other services in the European Economic Area.
Dr. George Theokarides, Chairman CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory body in Cyprus. CySEC is one of the main supervisory bodies for brokerage firms in Europe, whose financial regulations and operations are compatible with the European financial harmonization law MiFID. Founded in 2001, CySEC plays an integral role in providing licensing and registration for forex brokers and formerly binary options providers. Responsible for a variety of different functions, which includes supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory body in Cyprus. CySEC is one of the main supervisory bodies for brokerage firms in Europe, whose financial regulations and operations are compatible with the European financial harmonization law MiFID. Founded in 2001, CySEC plays an integral role in providing licensing and registration for forex brokers and formerly binary options providers. Responsible for a variety of different functions, which includes supervision
Read this term“Protecting investor interests is of the utmost importance, and CySEC will continue to hold FTX EU Ltd accountable to ensure that all withdrawal requests are processed quickly and appropriately,” he stated.
FTX EU regulatory process
FTX initially gained approval for its domain, www.ftx.com/eu, after acquiring K-DNA Financial Services Ltd. Subsequently, the platform was rebranded as FTX EU Ltd. In September, FTX EU announced that it had obtained a license to operate as a Cyprus investment firm from CySEC.
In April, FTX EU launched a dedicated website to allow its clients to request final paper balances and withdrawals in accordance with MiFID II regulations. Upon confirmation of balances, eligible customers can continue to withdraw their fiat currency balances from segregated accounts through the ftxeurope.eu website, Finance poles
mentioned.