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Cyprus SEC extends FTX license suspension until May 2025, tightens restrictions on operations

Source Cryptopolitan

Cyprus’ financial regulator, the Cyprus Securities and Exchange Commission (CySEC), has postponed hopes of a Sam Bankfied-Fried-linked firm resuming operations there.

In a November 5th written notice, the watchdog said it had extended its suspension of FTX (EU) Ltd’s CIF license until May 30, 2025. CySEC explained it had taken the decision to allow the firm time to comply with the nation’s investment laws.

Part of CySEC’s notice reads:

The Cyprus Securities and Exchange Commission announces that the suspension of the authorization of the Cyprus Investment Firm FTX (EU) Ltd is extended until 30.5.2025 for the company to proceed with the relevant provisions of The Investment Services and Activities and Regulated Markets Law of 2017.
~CySEC

CySEC’s notice also outlined the rules that FTX (EU) must follow. For instance, the company can’t engage in investment activities, including advertising its services and accepting new clients. However, it can complete all transactions with its clients’ approval. Again, the firm must reimburse its customers’ funds and assets.

How did FTX (EU) get here?

FTX (EU) Ltd is no stranger to controversy. Its woes date back to early 2022 when CySEC first suspended its operations. The issue in contention then was the exchange’s purported failure to protect client assets. The regulator had also expressed misgivings about the suitability of its management.

Things took a turn for the worse with the collapse of its parent company in America. An SBF-orchestrated fraud saw the American unit crumble and file for bankruptcy. That sent shockwaves reverberating through the FTX global empire, sweeping away its Cyprus business and other outfits.

FTX (EU) would soon file for bankruptcy, leaving the regulator no choice but to suspend its operations in late December 2022, running to March 31, 2023. With things not improving for the exchange, CySEC extended the suspension until September 30, 2023

Subsequent reviews saw the watchdog prolong the exchange’s suspension first to March 31, 2024, then to September 30, 2024. It is the latest of these extensions that will keep the exchange off business til mid-2025

The company had announced plans to refund its customers

CySEC’s notice comes at a time when FTX had announced plans to refund its customers their funds. Its parent company has also struck deals to reimburse customer funds. Its liquidators have also received a US court’s nod to sell off its other units, including the Cyprus one.

For now, the exchange’s clients can only wait in the hope of a timely conclusion to their ordeal.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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