• FTX EU has launched a new website to allow European customers to submit withdrawal requests to recover their funds from the fallen crypto exchange.
• Almost none of FTX’s EU citizens are FTX EU users, as the company only onboarded customers registered from March 2022.
• Japan-based FTX JP allowed the withdrawal of both fiat and crypto from February 21st, due to unique protection under Japanese Financial Laws.
FTX EU has launched a new website where affected users can register to recover their funds after the company’s collapse. The European branch of FTX was in operation for only eight months before it went under, but provisions have been made by regulators in Cyprus for the subsidiary to pay back user funds. The website offers no products, information, or services but rather a simple portal to check user balances and request a withdrawal.
It is unclear how many users were registered with the EU branch of FTX, but due to its short lifespan, it is expected that there will not be a substantial number of impacted users. On the other hand, FTX JP, which is based in Japan and had regional headquarters in Cyprus, announced on February 20th that it would allow the withdrawal of both fiat and crypto from February 21st due to special protection under Japanese financial laws which mandate that cryptocurrency exchanges must separate customers‘ deposits from their own accounts.
The Cypriot SEC (CySEC) suspended the operating license following the failure of FTX; however they extended this suspension until March 2023 in December 2022 so that FTX could take steps towards compliance with regulatory requirements. This period was then used by FTX EU to develop their new website for payout requests and provide an avenue for customers who were impacted by their collapse to get their money back.
Customers who were affected by the collapse should visit https://t.co/MEw8Oz8vTk and submit a withdrawal request if they wish to regain some or all of their funds from FTX EU.. It is important for these customers who may have lost money through no fault of their own to take advantage of any opportunities available for them such as this one in order to recoup some or all of what they lost out on when using this service previously.
Although not many people are expected to benefit from this opportunity due its short lifespan before it collapsed, it is still an opportunity which those affected should take advantage off if they wish reclaim some or all of their money back form using this service previously offered by FTT EU