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Tag: FTX EU

FTX EU Enabled Withdrawal For Its Customers

Bankruptcies Ben -
FTX EU LTD, the CySEC-regulated entity for the collapses crypto exchange scheme, has launched a website where its customers can request final balances and withdrawals. The withdrawals will be available only to customers who opened their accounts through FTX.com/eu after March 7, 2022. This process does not apply to customers of other FTX group businesses, FTX said in a press release.

FTX Announced Strategic Review Of Assets And Prepare To Launch Sell-Off!

Bankruptcies Charlene Lensburg -
The FTX Group, with 101 additional affiliated companies (the "FTX Debtors"), announced that as a part of the Chapter 11 bankruptcy process, they are launching a strategic review of their global assets to begin to maximize recoverable value for stakeholders. The FTX Debtors have engaged Perella Weinberg Partners LP ("PWP") as the lead investment bank and commenced preparing to sell certain businesses and reorganization the new CEO, John j. Ray announced.

FTX Australia Went Into Voluntary Administration; OTC Crypto Broker HiveEx Went Silent!

Bankruptcies Ben -
The Chapter 11 Bankruptcy Deposition of the FTX Group around FTX Trading Limited in the United States also affects the Australian subsidiaries, the ASIC-regulated FTX Australia Pty Ltd as well as FTX Express Pty Ltd. The companies have placed themselves under voluntary administration, ASIC has suspended their license. Also on U.S. Chapter 11 deposition is AUSTRAC-registered Hive Empire Trading Pty Ltd, which operates OTC crypto broker HiveEX.

Offshore Broker XBPrime And Its Connections To FTX Europe!

Crypto Schemes Ben -
We brought an initial review of the XBPrime broker operated by the offshore entity MarketFinancials Ltd, a securities dealer registered by the FSA Seychelles. The payment agent is Cyprus-registered M&N Equity Research Ltd. The offshore entity is said to be owned by Cyprus-registered Proverial Ltd, where Israeli Asher Afriat is registered as a director. He is also a director of the CySEC-regulated FTX (EU) Ltd (formerly K-DNA Financial Services Ltd), which operated as FTX EU. CySEC recently suspended the license of FTX Europe (report here).

The U.S. Bankruptcy Deposition Of FTX And Its Consequences For FTX Europe Clients!

Bankruptcies Ben -
On Nov. 11, 2022, Sam Bankman-Fried's collapsed crypto exchange FTX filed for Chapter 11 bankruptcy in the U.S. to restructure. At the same time, Sam Bankman-Fried resigned as CEO, bankruptcy expert John J. Ray became the new CEO. On the same day, Cyprus regulator CySEC suspended the license of FTX (EU) Ltd. According to the U.S. filing, this Cypriot entity is included in the U.S. Chapter 11 petition for creditor protection. An interesting legal situation.

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