Catenaa, Friday, November 15, 2024 –The Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of FTX Europe’s operations for another six months, pushing the timeline to May 30, 2025. This move marks the fourth extension since CySEC first halted FTX Europe’s services in November 2022, following the global crypto exchange’s bankruptcy filing in the US.
The extended suspension means that FTX Europe is barred from accepting new clients, advertising, or offering trading services, though existing customers can still access the platform to withdraw funds. CySEC’s decision to halt operations stemmed from concerns about FTX’s management structure and the need to protect client assets.
The suspension first coincided with FTX’s collapse, which involved a significant hack reportedly draining $600 million from company wallets.
Originally acquired by FTX for $323 million in 2021, FTX Europe was resold to its founders earlier this year for $32.7 million after disputes over the original acquisition cost. Currently, the FTX Europe site provides users with balance checks and withdrawal options.
Funds not withdrawn by clients will be moved to a “client segregated account,” where they’ll be held for up to six years.
FTX Europe’s operations have remained static since the suspension, leaving only minimal functionality on its website.
