2024

Bitcoin

<h4><strong>This means that the platform cannot offer new services or accept new customers, but users can still withdraw their funds. </strong></h4>
<p>The <a href="https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=f18af64f-38a5-4fa6-93d7-ce2b133c4176" target="_blank" rel="noopener noreferrer nofollow">extension</a> comes just days before the second anniversary of the crypto exchange’s collapse. Let’s discover more about this important news about FTX.</p>
<h5><strong>Cyprus Extends FTX Europe Suspension</strong></h5>
<p>The suspension of FTX Europe first happened on November 11th, 2022, shortly after the company declared bankruptcy in the U.S. At the time, FTX Europe had only been operating for eight months as a regulated investment firm in the European Union. <a href="https://www.cysec.gov.cy/en-gb/home/" target="_blank" rel="noopener noreferrer nofollow">CySEC</a> decided to halt its operations due to concerns about the management team and the need to protect customers’ assets.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">CYPRUS EXTENDS FTX SUSPENSION UNTIL MAY 2025</p>
 <p>Cyprus just dropped the news that FTX Europe’s suspension is extended until May 2025—fourth time’s the charm, right?</p>
 <p>No trading or new peeps allowed, but you can still pull your coins out. It’s crazy to think this mess started back… <a href="https://t.co/gEZ9QXiDTm" rel="noopener noreferrer nofollow">pic.twitter.com/gEZ9QXiDTm</a></p>
 <p>— Mario Nawfal’s Roundtable (@RoundtableSpace) <a href="https://twitter.com/RoundtableSpace/status/1854080033935015988?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 6, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Along with the bankruptcy filings, there were reports of a hack that drained up to $600 million in cryptocurrency from FTX and FTX US-linked wallets. Since then, FTX Europe has been sold back to its original owners. The Swiss startup Digital Assets AG, which became FTX Europe after FTX bought it for $323 million in 2021, <a href="https://www.wsj.com/articles/ftx-drops-demand-for-323-million-over-europe-deal-agrees-to-sell-eu-assets-3235f87a" target="_blank" rel="noopener noreferrer nofollow">agreed</a> to sell it back for just $32.7 million in February 2024 after a lengthy dispute.</p>
<h5><strong>More About FTX Europe</strong></h5>
<p>Even though this company is no longer active in trading, customers can still see their account balances on the website and request <a href="https://www.altcoinbuzz.io/?s=withdrawals" target="_blank" rel="noopener noreferrer nofollow">withdrawals</a>. Those who don’t withdraw their funds will have them moved into a “client-segregated account” for up to six years.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">The Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of <a href="https://t.co/bxoSABKoDV" rel="noopener noreferrer nofollow">https://t.co/bxoSABKoDV</a>’s CIF license, which allowed the insolvent platform to operate throughout Europe, until May 30, 2025.<a href="https://t.co/ebMBQVJ1Pb" rel="noopener noreferrer nofollow">https://t.co/ebMBQVJ1Pb</a><a href="https://twitter.com/hashtag/cysec?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cysec</a> <a href="https://twitter.com/hashtag/ftx?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ftx</a> <a href="https://twitter.com/hashtag/license?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#license</a> <a href="https://twitter.com/hashtag/suspension?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#suspension</a> <a href="https://twitter.com/hashtag/insolvent?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#insolvent</a>…</p>
 <p>— FinanceFeeds (@FXFinanceFeeds) <a href="https://twitter.com/FXFinanceFeeds/status/1853892441436307492?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 5, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>This ongoing suspension is a cautionary tale for the crypto world, where things can go from bad to worse in the blink of an eye. Although customers are allowed to withdraw their money, the future of the company remains unclear. For now, <a href="https://ftxeurope.eu/" target="_blank" rel="noopener noreferrer nofollow">FTX Europe</a> is in limbo, as the wheels of justice and regulation continue to turn slowly.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/ftx-europe-suspension-extended-again-until-may-2025/" rel="noopener noreferrer nofollow">FTX Europe Suspension Extended Again Until May 2025</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

FTX Europe Suspension Extended Again Until May 2025

Altcoin Buzz

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