By a press statement released on Friday, FTX will permit withdrawals from one of its divisions. Following Cyprus legislation, FTX EU, the company’s European subsidiary, has started the process of returning segregated money to customers. March 2022 saw the announcement of the company.
Sam Bankman-Fried, the company’s then-CEO, stated at the time, “We will work with regulators in different European nations to maintain a safe and secure environment for cryptocurrency trading.
Returning Money to Customers
Following FTX Japan’s announcement that it would start accepting withdrawals in the middle of February 2023, FTX EU has now stated that it will do the same. The business stated that, under Cyprus legislation, it would give clients a statement of their entitled fiat currency fund balances concerning the European subsidiary.
Following the suspension of the company’s license by the Cyprus Securities and Exchange Commission, FTX EU was required to return customer money.
- FTX EU, has started the process of returning segregated money to customers.
- Withdrawals are only available to FTX EU customers who opened an account after March 2022.
- FTX EU stated that it had contacted customers about the withdrawal procedure.
Withdrawals are only available to FTX EU customers who opened an account after March 2022, and some business associates will be excluded. Additionally, official know-your-customer (KYC) and anti-money-laundering (AML) verifications for customers are required.
The company warned that if the bank or other account details were not adequately verified, a customer’s withdrawal might be delayed. Additionally, FTX EU stated that it had contacted customers about the withdrawal procedure.
“FTX EU LTD customers are entitled to withdraw their balances (in fiat currency) from designated customer accounts,” the announcement states.
Users of the new website must change their current credentials and create new ones for the withdrawal site. The Cyprus Securities and Exchange Commission is also in charge of approving and overseeing the website of FTX EU.