FTX EU, the European subsidiary of the bankrupt cryptocurrency exchange FTX, has launched a website to pay back angry European customers.
The company filed for bankruptcy nearly five months ago, sparking a domino effect that brought down other cryptocurrency companies. After all, FTX grew so fast that many other companies parked their money at FTX and became “infected” by it. FTX, Celsius and BlockFi users, among others, have seen their money go up in smoke.
However, as of today, it is possible for some European FTX users to submit a withdrawal request.
Not all European users can request a refund
The new domain name https://ftxeurope.eu, approved by the Cyprus Securities and Exchange Commission, allows users to register and request a refund. The site does not offer any other products or services.
Not only users in Europe, but also in the Middle East can submit a withdrawal request to FTX EU. However, not all users in these areas will be able to sign up, as only users registered after March 2022 will be registered in the European part of FTX.
Therefore, it is likely that only a small proportion of European users will be able to claim a refund. It is also unclear how much money can be withdrawn in total and how long the site will remain open.
Japanese FTX users also received a refund
FTX’s Japanese subsidiary has already compensated some of the affected Japanese users at the end of February. There was a total withdrawal limit of $50 million spread across approximately 3,500 customers. However, many victims have not registered anything and it is expected that the same will happen with European users.
The criminal trial against former CEO Sam Bankman-Fried will begin in October, while FTX’s bankruptcy proceedings are pending. SBF is expected to receive a life sentence.
Source: Btc Direct
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
