FTX Europe begins returning funds to its clients

FTX Europe has put online a website allowing its customers to know the amount of fonds to which they are entitled and request a withdrawal in currency-fiat.

The new team at bankrupt cryptocurrency platform FTX announced Friday that FTX EU had launched a process of restitution of funds.

FTX EU LTD will provide clients with a statement of the balance of cash funds to which they are entitled in accordance with MiFID II as transposed to L. 87(Ι)/2017. Upon completion of this process and subject to the sufficiency of funds, each FTX EU LTD client will be entitled to withdraw that client’s balance (in fiat currency) as segregated in designated client accounts in accordance with L. 87(Ι)/2017 and the terms of its Cypriot license 273/15 (currently suspended) held by FTX EU LTD,” reads a statement.

This week, European users of FTX concerned, those who opened an FTX account after the creation of its European subsidiary (March 2022), received an e-mail informing them of anticipated claims regarding the FTX Group Chapter 11 case.

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“As made clear in Kroll’s email, the anticipated claim information included in this email does not constitute a representation by the Debtors of the amount or validity of any claim held by any person. The anticipated claim information does not reflect the actual net balance of FTX EU LTD’s accounts receivable,” the announcement states.

It is learned that the Cyprus Securities and Exchange Commission (CySEC) has suspended the license granted to FTX EU in the spring of 2022 and ordered to return the funds to its clients.

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