Following its turmoil, the FTX’s European license is now said to be soon suspended by Cyprus regulators, according to a report.
The finalization of the suspension would happen on Friday, said Bloomberg, citing people with knowledge of the matter. Meanwhile, on Nov 9, CySEC requested FTX Europe to “suspend its operations and to proceed immediately with a number of actions for the protection of the investors”
About two months ago, crypto exchange FTX announced it had acquired an EU license that enables it to operate across Europe. FTX was granted the license by the Cyprus Securities and Exchange Commission. The exchange had to meet some requirements outlined in the European Union’s MiFID II directive. Some of the conditions included the segregation and protection of client funds, business transparency, and capital adequacy.
Meanwhile, months after obtaining the license, FTX was investigated when a balance sheet relating to its…
