As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies and blockchain technology, I find myself constantly amazed by the twists and turns this industry takes. The latest development involving FTX’s European arm is no exception.
The financial regulatory body of Cyprus has prolonged the halt on FTX’s European division for an additional six months, as the cryptocurrency exchange approaches the two-year mark since its bankruptcy, which occurred a few days ago.
On November 5th, the Cyprus Securities and Exchange Commission (CySEC) declared an extension of the suspension on FTX EU’s operations. This means that until May 30, 2025, FTX EU will be unable to provide services, take on new customers or promote itself.
It still allows the firm to complete transactions and return funds to clients.
The halt on operations initiated by CySEC on November 11, 2022, coinciding with FTX’s bankruptcy declaration in the U.S., has now had its suspension extended for a fourth time.
During that point, the business was running for approximately eight months under EU regulations, functioning as an investment firm that provided derivative trading across various asset classes.
In response to FTX filing for Chapter 11 bankruptcy in Delaware, the Cyprus Securities and Exchange Commission (CySEC) temporarily halted FTX Europe’s operations due to concerns about the “fitness of key management personnel” and the protection of clients’ funds.
It was also around this time that reports were swirling of a hack that had emptied as much as $600 million in crypto from FTX and FTX US linked wallets.
FTX Europe has since been sold back to the original owners.
In the year 2021, the Swiss company Digital Assets AG, subsequently known as FTX Europe, was purchased for a value of $323 million by FTX.
In an effort to recoup the money used for the acquisition, FTX’s restructuring group claimed that the purchase price was excessively high, a viewpoint that led to legal disputes initiated by the initial owners in response.
In February, it was reported by Reuters that the disagreement concerning FTX’s European branch was resolved, with FTX agreeing to repurchase FTX Europe from its original founders for approximately $32.7 million.
On the FTX Europe site now, all trading has ceased. Instead, it’s just a platform for users to view their account balance and initiate withdrawals.
Clients whose funds are not withdrawn will be kept in an account specifically designated for clients, often referred to as a “segregated account,” for approximately six years, as outlined in the FAQs.
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2024-11-06 08:24