• FTX EU, the European branch of FTX, has launched a new website to help clients recover their funds.
• The site allows users to check balances and submit withdrawal requests.
• However, only a small pool of users is expected to benefit from this as the European branch only operated for 8 months before its collapse.
FTX EU Launches New Website
FTX EU has launched a new website where affected users can register to recover their funds. This comes after regulators in Cyprus made provisions 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 withdrawals.
Small Pool of Users Expected
FTX EU was an attempt at global expansion by the then-high-flying exchange, operating in Europe and the Middle East for eight months before its collapse. It is unclear how many users were registered with the EU branch but it is not expected to be very substantial due to its short lifespan.
Funds Now Available Withdrawal
Users of FTX Japan have been able to access their funds since February 20th due to unique regulatory protections under Japanese Financial Law which mandates that cryptocurrency exchanges must separate customers‘ deposits. Meanwhile, CySEC extended the suspension of FTX EU’s license until March 2023 allowing them „to proceed with necessary actions“ for customer compensation.
Recover Funds with New Domain
The new website from FTX EU will allow customers from Europe and Middle East regions who had their funds tied up following the collapse of FTX will now have an opportunity to try and recoup their money through submitting withdrawal requests on this new domain.
Conclusion: Funds Payback Progress
Many customers impacted by the collapse of FTX still have their funds tied up in the fallen crypto exchange, however certain regional customers are seeing progress on plans to return these funds as they can now register on this new domain and make withdrawal requests through it.