FTX Europe Launches Site for Withdrawals and Returns Funds to Customers – Bitcoin News


FTX Europe, a subsidiary of FTX, has released a new website enabling customers to make withdrawals from the cryptocurrency exchange. All requests must be made via the website and will be subject to KYC and AML verifications.

FTX Europe Permits Withdrawals of Funds

A press release was published on Friday announcing that FTX Europe, a FTX subsidiary launched in March 2022, will be returning segregated money to customers in accordance with Cyprus law. Sam Bankman-Fried, CEO of the company, declared that the firm would be interacting with regulators from numerous European countries to maintain a secure environment for crypto trading.

The news about FTX Europe allowing withdrawals comes after FTX Japan said that users could begin withdrawing funds in the middle of the year. As for the European branch, the company is offering a statement about customers’ fiat currency fund balances to abide by Cyprus law. FTX EU was forced to give back customer funds as its license was suspended by the Cyprus Securities And Exchange Commission.

Only clients from FTX EU who opened an account after March 2022 are able to withdraw, yet some business partners won’t be eligible. Additionally, customers must go through formal KYC and AML verifications. According to the firm, FTX EU has sent FTX EU clients an email about the withdrawal process. “Each FTX EU LTD customer will be entitled to withdraw their balance (in fiat currency) segregated in designated customer accounts,” the announcement reads.

Users must reset their passwords and create new ones on the new website. FTX EU is also authorized and regulated by the Cyprus Securities and Exchange Commission.

Tags This is the story
Anti-Money-Laundering, Business partners, Compliance, Cryptocurrency, Cryptocurrency Trading, Customer Accounts, Customer eligibility, Customer balances Cyprus law, Cyprus Securities And Exchange Commission, Email notification, Delay withdrawals, Environment, Fiat currency, Formal verifications, FTX Japan, Know-Your-Customer, New website, Password reset, Regulations, Sam Bankman-Fried, Segregated funds, Verification, Withdrawal process, Withdrawals

What are your thoughts on FTX Europe permitting withdrawals? Let us know what you think in the comments below.

Jamie Redman

Jamie Redman Is the News Lead At Bitcoin.com News A financial tech journalist who lives in Florida. Redman Since 2011, has been an active participant in the cryptocurrency community. He Passionate about BitcoinOpen-source code and decentralized apps. Since September 2015, Redman Has written over 6,000 articles. Bitcoin.com News Information about the new disruptive protocols.

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