FTX Europe, the European arm of doomed crypto exchange FTX, has launched a new portal to begin paying back impacted customers left in limbo after it filed for bankruptcy in November 2022.
According to a report by Finance Magnates published on Thursday, March 30th, The Cyprus Securities and Exchange Commission (CySE) has approved the new website that will only entertain FTX EU users.
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The new portal with a domain name of ftxeurope.eu is now live. The portal will offer no products or other services apart from balance withdrawal. According to an email received by Finance Magnates from FTX EU, only the FTX EU clients will be able to claim in fiat balances. It means that all their crypto holdings have now been converted to fiat currencies.
The landing page instructs users to log in to their FTX EU account to see the balances and request a withdrawal. The page’s footer shows that CySE registers the new FTX EU portal with the registered office at “23 Spyrou Kyprianou Protopapas Building 3rd floor 4001, Limassol, Cyprus.”
FTX Europe commenced its operations in March 2022, just eight months before the global crypto enterprise collapsed on November 11th, 2022. The number of users at the European unit is unknown, but it is not expected to be larger as it operated only for a relatively short time. The original FTX Europe was headquartered in Switzerland for the period it operated.
The European arm has become the second entity after FTX Japan to reimburse customers. In late February, FTX Japan allowed a total withdrawal of funds, which amounted to about $50 million.
SBF Pleads Not Guilty to Bribery Charges
In a new series of indictments filed against FTX founder Sam Bankman-Fried (SBF) on Tuesday, March 28th, US prosecutors alleged that the former crypto mogul paid $40 million to Chinese government officials to unfreeze accounts related to Alameda Research, which was based in Hong Kong.
As per the charges, the Chinese froze $1 billion in cryptocurrencies from Alameda Research as part of an investigation into an unnamed Alameda counterparty. The founder was to be arraigned on Thursday before US District Judge Lewis Kaplan in Manhattan federal court.
However, he pleaded not guilty to new charges from US prosecutors, including bribing Chinese officials and conspiracy to violate campaign finance regulations through unlawful political donations.
With that, SBF has pleaded not guilty to any of the 12 counts of charges. The criminal trial for the disgraced crypto executive is scheduled for October 2nd, 2023, and he may face up to 120 years in prison if convicted on all charges.
