Cyprus Extends Suspension of FTX’s European Operations Until 2025

Cyprus has extended its suspension of FTX’s European operations for another six months, effectively halting the exchange from offering services or accepting new clients until May 30, 2025.

This decision, announced by the Cyprus Securities and Exchange Commission (CySEC) on November 5, marks the fourth such extension since FTX’s collapse in 2022.

While FTX EU is prohibited from advertising and taking on new customers, it remains allowed to process transactions and return funds to existing clients. The suspension was initially imposed after FTX declared bankruptcy, citing concerns over the management’s suitability and the need to protect client assets.

At the time, reports surfaced of a hack that drained millions in cryptocurrency from FTX-linked wallets. Since then, FTX Europe was sold back to its original founders for a significantly reduced price, following legal disputes over the acquisition.

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Now, the FTX Europe website serves only as a portal for users to check balances and request withdrawals, with unclaimed funds being held in a segregated account for up to six years. CySEC’s continued intervention highlights the ongoing uncertainty surrounding FTX’s operations in Europe, as the company struggles with the fallout from its global collapse.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.