FTX Withdrawal – When and How?

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One user withdrew $2.6 million worth of ether (ETH), while another got $1.3 million of USDC out of the exchange. A total of $6.8 million was withdrawn in November last year. However, most users are still unable to withdraw their funds from the FTX exchange, leading to speculation on Twitter that some types of users or staff were getting preferential treatment.

FTX’s European subsidiary, FTX Europe, has launched a new website, ftxeurope.eu, for users to withdraw funds from the now-defunct cryptocurrency platform. Withdrawal requests must be submitted through the new website and will be “subject to customary know-your-customer and anti-money-laundering checks.”

FTX’s European arm opens withdrawals to customers according to a press release published. Another division of FTX will allow withdrawals. FTX’s European subsidiary, FTX EU, has begun the process of returning segregated funds to customers in compliance with Cyprus law. The subsidiary was announced in March 2022. “We will interact with regulators in various European countries to maintain a safe and secure environment for cryptocurrency trading,” said Sam Bankman-Fried, then-CEO of the firm at the time.

FTX EU’s announcement of allowing withdrawals comes after FTX Japan announced its plan to open withdrawals in mid-February 2023. Regarding the European subsidiary, the company stated it would provide customers with a statement of their entitled fiat currency fund balances in compliance with Cyprus law. FTX EU was forced to return customer funds following the suspension of the company’s license by the Cyprus Securities and Exchange Commission.

Only FTX EU clients who register an account after March 2022 are eligible for withdrawals, and some business partners will not be included. Additionally, customers must undergo formal know-your-customer (KYC) and anti-money-laundering (AML) verifications. “A customer’s withdrawal may be delayed if the bank or other account details have not been sufficiently verified,” the firm stated. FTX EU also indicated that it had emailed FTX EU clients regarding the withdrawal process.

“Each FTX EU LTD customer will be entitled to withdraw their balance (in fiat currency) segregated in designated customer accounts,” the announcement explains. The new website requires users to reset their existing passwords and generate new ones for the withdrawal site. FTX EU’s website is also authorized and regulated by the Cyprus Securities and Exchange Commission.

FTX users were left without access to their funds when the crypto exchange FTX collapsed suddenly in November last year. The financial fiasco rendered the exchange unable to cover withdrawals as users scrambled to get their money back.

For Japanese clients of the bankrupt exchange, Bloomberg Asia shows successful withdrawal attempts. Furthermore, clients from Vietnam and the Philippines report similar letters, where it’s said they’re soon to get their money back. Does it mean that the Japanese branch is finally active? It’s yet to be seen.

All in all, things are in motion. Global Fraud Protection experts are here if you need any assistance with a withdrawal process.

The post FTX Withdrawal – When and How? appeared first on Global Fraud Protection.


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