• FTX EU has launched a new website to allow European customers to submit withdrawal requests for their funds.
• Few users were registered with the EU branch due to its short lifespan.
• Japanese Financial Law mandates that cryptocurrency exchanges must separate customers‘ deposits, allowing FTX Japan users to withdraw both fiat and crypto from the 21st.
FTX EU’s New Website
FTX EU has a new website where affected users can register to recover their funds. European customers will now have the opportunity to try and recoup their money, but the number of users this will benefit is not expected to be very large due to the exchange’s short lifespan.
The Cypriot SEC (CySEC) suspended the operating license following the failure of FTX but extended it in late December 2022, allowing them time „to proceed with the necessary actions.“ Meanwhile, Japanese Financial Law mandates that cryptocurrency exchanges must separate customers‘ deposits, allowing FTX Japan users to withdraw both fiat and crypto from the 21st.
Progress on Recovery Plan
Many clients impacted by FTX still have their funds tied up in the fallen crypto exchange but certain regional customers will be happy with progress being made on plans for recovery. The site offers no products, information, or services but rather a simple portal for checking user balances and requesting a withdrawal.
Limited Number of Users
It is unclear how many users were registered with FTX EU as it was only operational for eight months before collapsing; however, it is likely that there are not many people who will benefit from this recovery plan.
FTX EU is now paying out its customers on https://t.co/MEw8Oz8vTk and those affected by its collapse may be able to recoup some of their lost funds through this website. However, it should be noted that few people are likely to benefit due to its limited lifespan as an exchange in Europe and Middle East region.