FTX EU starts the process for customers to request final fiat balances and withdrawals.
The company confirmed the news exclusively reported by Finance Magnates last week.
CySEC announced on Monday that FTX EU LTD initiated the procedures for customers to request final balances before withdrawing fiat funds from segregated accounts. The market supervisor believes the withdrawal process will go 'swiftly.'
FTX EU Begins Fiat Currency
Withdrawal Process for Clients
In response
to FTX EU announcing its initiation of processes to return segregated funds to
investors under Cyprus Law, Dr George Theocharides, the Chair of CySEC, stated the
supervisor is glad that regulatory efforts have led to this favorable outcome,
following months of investor uncertainty and concern.
"We
are grateful to the FTX Group Administrators for their collaboration and
support towards these efforts. Safeguarding the interests of investors is of
paramount importance and CySEC will continue to hold FTX EU Ltd to account to
ensure all withdrawal requests are processed swiftly and appropriately," Theocharides
added.
FTX EU, formerly
known as K-DNA Financial Services LTD, is a European branch of Sam
Bankman-Fried (SBF) US crypto exchange that collapsed a few months ago, in November
2022. When the US branch collapsed, funds belonging to European customers were
frozen to ensure that future claims could be covered and deposits paid out.
Finance
Magnatesexclusively reported last week that FTX EU had launched a website that would
allow FTX EU customers to apply for the withdrawal of funds owed to them.
The
company confirmed the news a day later in an official press note.
The
information published by FTX EU reveals that the company will provide customers
with a statement of fiat currency balances in accordance with MiFID II regulations.
Following this process, customers of FTX EU, subject to sufficient funds, will
be entitled to withdraw their fiat currency balance as segregated in designated
accounts.
"The
balances will be communicated and verified, and subsequently withdrawal
requests may be submitted through the following website established for this
purpose: ftxeurope.eu. Any withdrawal requests will be subject to customary
know-your-customer and anti-money-laundering checks, and a customer's
withdrawal may be delayed if bank or other account details have not been
sufficiently verified," FTX EU commented.
This
announcement pertains only to customers of FTX EU LTD who opened accounts
through FTX.com/eu (i.e., after 7 March 2022) and does not affect customers of
other FTX group businesses, even if located in Europe.
Before the shutdown of FTX.com
international platform, FTX EU operated as a MiFID II-regulated investment
firm offering trading in multi-asset derivatives, particularly with crypto
assets as the underlying. CySEC has suspended its license and ordered FTX EU
LTD to return funds to its customers who request withdrawals. Finance
Magnates' check on CySEC's public register shows that the permit is still
under suspension.
FTX Japan Back on Track
Regulators worldwide
froze FTX affiliates' funds after the collapse of the US exchange to protect
them from uncontrolled outflows. FTX's Japanese office resumed withdrawing
client funds in late February through its Liquid Japan platform.
"In
order to proceed with withdrawals, customers who have assets in their FTX Japan
account would need to confirm the balance of their assets and transfer them to
their Liquid Japan account," the exchange's official press release added.
Users withdrew $50 million from the $138 million in the branch's accounts in just one day. Information about the transfer of $157 million
in frozen FTX-linked assets was also reported last week by cryptocurrency
exchange OKX.
Recently, Finance
Magnates
informed that FTX debtors agreed to sell
Mysten Labs Inc. preferred shares back to the Web3 startup for $96 million, according to
the fillings at the US Bankruptcy Court in Delaware.
CySEC announced on Monday that FTX EU LTD initiated the procedures for customers to request final balances before withdrawing fiat funds from segregated accounts. The market supervisor believes the withdrawal process will go 'swiftly.'
FTX EU Begins Fiat Currency
Withdrawal Process for Clients
In response
to FTX EU announcing its initiation of processes to return segregated funds to
investors under Cyprus Law, Dr George Theocharides, the Chair of CySEC, stated the
supervisor is glad that regulatory efforts have led to this favorable outcome,
following months of investor uncertainty and concern.
"We
are grateful to the FTX Group Administrators for their collaboration and
support towards these efforts. Safeguarding the interests of investors is of
paramount importance and CySEC will continue to hold FTX EU Ltd to account to
ensure all withdrawal requests are processed swiftly and appropriately," Theocharides
added.
FTX EU, formerly
known as K-DNA Financial Services LTD, is a European branch of Sam
Bankman-Fried (SBF) US crypto exchange that collapsed a few months ago, in November
2022. When the US branch collapsed, funds belonging to European customers were
frozen to ensure that future claims could be covered and deposits paid out.
Finance
Magnatesexclusively reported last week that FTX EU had launched a website that would
allow FTX EU customers to apply for the withdrawal of funds owed to them.
The
company confirmed the news a day later in an official press note.
The
information published by FTX EU reveals that the company will provide customers
with a statement of fiat currency balances in accordance with MiFID II regulations.
Following this process, customers of FTX EU, subject to sufficient funds, will
be entitled to withdraw their fiat currency balance as segregated in designated
accounts.
"The
balances will be communicated and verified, and subsequently withdrawal
requests may be submitted through the following website established for this
purpose: ftxeurope.eu. Any withdrawal requests will be subject to customary
know-your-customer and anti-money-laundering checks, and a customer's
withdrawal may be delayed if bank or other account details have not been
sufficiently verified," FTX EU commented.
This
announcement pertains only to customers of FTX EU LTD who opened accounts
through FTX.com/eu (i.e., after 7 March 2022) and does not affect customers of
other FTX group businesses, even if located in Europe.
Before the shutdown of FTX.com
international platform, FTX EU operated as a MiFID II-regulated investment
firm offering trading in multi-asset derivatives, particularly with crypto
assets as the underlying. CySEC has suspended its license and ordered FTX EU
LTD to return funds to its customers who request withdrawals. Finance
Magnates' check on CySEC's public register shows that the permit is still
under suspension.
FTX Japan Back on Track
Regulators worldwide
froze FTX affiliates' funds after the collapse of the US exchange to protect
them from uncontrolled outflows. FTX's Japanese office resumed withdrawing
client funds in late February through its Liquid Japan platform.
"In
order to proceed with withdrawals, customers who have assets in their FTX Japan
account would need to confirm the balance of their assets and transfer them to
their Liquid Japan account," the exchange's official press release added.
Users withdrew $50 million from the $138 million in the branch's accounts in just one day. Information about the transfer of $157 million
in frozen FTX-linked assets was also reported last week by cryptocurrency
exchange OKX.
Recently, Finance
Magnates
informed that FTX debtors agreed to sell
Mysten Labs Inc. preferred shares back to the Web3 startup for $96 million, according to
the fillings at the US Bankruptcy Court in Delaware.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
ASIC Scores Legal Victory: BPS Financial Found Guilty in Qoin Wallet Case
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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