Friday, July 11, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

CySEC Extends FTX EU’s CIF License Suspension to March 2023

by Solomon Oladipupo
December 23, 2022
in Cryptocurrency
Reading Time: 6 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


The Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of the Cyprus Investment Firm (CIF) license of the FTX (EU) Limited, the Cypriot subsidiary of bankrupt cryptocurrency exchange, FTX, to March 31, 2023.

Grab your copy of our latest Quarterly Intelligence Report for Q3 2022 before your competitors and stay up-to-date with crucial developments in the Forex and CFD industry!

The decision to continue with the license suspension was reached on Monday, December 19th, CySEC said in a statement released on Friday. The extension is to allow the subsidiary firm “to proceed with the necessary actions in order to comply with the relevant provisions of the Investment Services and Activities and Regulated Markets Law of 2017,” CySEC explained.

The elongation comes over one month after the Cypriot financial markets regulator suspended the crypto exchange’s EU subsidiary’s license over alleged violations of sections of the country’s regulated markets law. These include having unsuitable members on its management board and not meeting the organization’s requirements for safeguarding clients’ assets.

CySEC said the decision was taken “for the protection of investors and the orderly operation of the market,” and gave the subsidiary firm one month to take necessary actions to comply with the provisions.

Keep Reading

Restrictions on FTX EU

The first suspension of the FTX (EU) Limited license followed the early November collapse of the Bahamas-headquartered cryptocurrency exchange which later filed for bankruptcy protection in the United States. The suspension came only two months after the subsidiary gained the Cypriot regulator’s authorization to offer its digital asset services in the country and across the EU region.

In the new statement, CySEC noted that FTX EU Limited is not permitted to offer or executive investment services or activities in the country. The subsidiary can also not enter into any business transaction with any person or accept any new client. Furthermore, the subsidiary firm can also not advertise itself as a provider of investment services.

Check out this recent Finance Magnates 2022 session on what will shape fintech regulation in 2023.

However, the subsidiary could “complete all its own transactions and those of its clients which are before it, in accordance with client instructions.” The firm could also return all funds and financial instruments belonging to clients, CySEC pointed out.

Meanwhile, in its bankruptcy filing, FTX added FTX.com, its US subsidiary, FTX.US, Hong Kong-based subsidiary, Alameda Research Limited, and “approximately 130 additional affiliated companies,” to its proceedings. However, the proceedings excluded four affiliates: FTX Digital Markets, FTX Australia, FTX Express Pay, and LedgerX (operating as FTX US Derivatives).

Other License Suspensions

Meanwhile, Japan’s Kanto Local Finance Bureau, which first ordered FTX Japan to halt its local operations in the country in early November, also recently moved the suspension of the subsidiary to March 9, 2023. However, the local regulator noted that it could reverse the suspension if a system to properly conduct the overall operations of the subsidiary’s digital asset exchange business is developed and subjected to its confirmation.

Also, the Australian Securities and Investments Commission in mid-November suspended the license of FTX Australia Pty Limited, until May 15, 2023. However, the Aussie regulator permitted the subsidiary to offer limited financial services until December 19.

Meanwhile, Sam Bankman-Fried, FTX Co-Founder and CEO, is facing criminal charges in the United States over the failure of the once-beloved crypto exchange which was estimated to have cost investors over $8 billion in losses. The embattled entrepreneur was granted bail on Thursday on a hefty $250 million personal recognizance bond secured by his parents.

The Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of the Cyprus Investment Firm (CIF) license of the FTX (EU) Limited, the Cypriot subsidiary of bankrupt cryptocurrency exchange, FTX, to March 31, 2023.

The decision to continue with the license suspension was reached on Monday, December 19th, CySEC said in a statement released on Friday. The extension is to allow the subsidiary firm “to proceed with the necessary actions in order to comply with the relevant provisions of the Investment Services and Activities and Regulated Markets Law of 2017,” CySEC explained.

Grab your copy of our latest Quarterly Intelligence Report for Q3 2022 before your competitors and stay up-to-date with crucial developments in the Forex and CFD industry!

The elongation comes over one month after the Cypriot financial markets regulator suspended the crypto exchange’s EU subsidiary’s license over alleged violations of sections of the country’s regulated markets law. These include having unsuitable members on its management board and not meeting the organization’s requirements for safeguarding clients’ assets.

CySEC said the decision was taken “for the protection of investors and the orderly operation of the market,” and gave the subsidiary firm one month to take necessary actions to comply with the provisions.

Keep Reading

Restrictions on FTX EU

The first suspension of the FTX (EU) Limited license followed the early November collapse of the Bahamas-headquartered cryptocurrency exchange which later filed for bankruptcy protection in the United States. The suspension came only two months after the subsidiary gained the Cypriot regulator’s authorization to offer its digital asset services in the country and across the EU region.

In the new statement, CySEC noted that FTX EU Limited is not permitted to offer or executive investment services or activities in the country. The subsidiary can also not enter into any business transaction with any person or accept any new client. Furthermore, the subsidiary firm can also not advertise itself as a provider of investment services.

Check out this recent Finance Magnates 2022 session on what will shape fintech regulation in 2023.

However, the subsidiary could “complete all its own transactions and those of its clients which are before it, in accordance with client instructions.” The firm could also return all funds and financial instruments belonging to clients, CySEC pointed out.

Meanwhile, in its bankruptcy filing, FTX added FTX.com, its US subsidiary, FTX.US, Hong Kong-based subsidiary, Alameda Research Limited, and “approximately 130 additional affiliated companies,” to its proceedings. However, the proceedings excluded four affiliates: FTX Digital Markets, FTX Australia, FTX Express Pay, and LedgerX (operating as FTX US Derivatives).

Other License Suspensions

Meanwhile, Japan’s Kanto Local Finance Bureau, which first ordered FTX Japan to halt its local operations in the country in early November, also recently moved the suspension of the subsidiary to March 9, 2023. However, the local regulator noted that it could reverse the suspension if a system to properly conduct the overall operations of the subsidiary’s digital asset exchange business is developed and subjected to its confirmation.

Also, the Australian Securities and Investments Commission in mid-November suspended the license of FTX Australia Pty Limited, until May 15, 2023. However, the Aussie regulator permitted the subsidiary to offer limited financial services until December 19.

Meanwhile, Sam Bankman-Fried, FTX Co-Founder and CEO, is facing criminal charges in the United States over the failure of the once-beloved crypto exchange which was estimated to have cost investors over $8 billion in losses. The embattled entrepreneur was granted bail on Thursday on a hefty $250 million personal recognizance bond secured by his parents.



Source link

Tags: CIFCySECEUsextendsFTXLicenseMarchsuspension
Previous Post

Crypto exchange Bullish, backed by Peter Thiel, and Far Peak, a SPAC led by ex-NYSE President Thomas Farley, call off their planned $9B merger announced in 2021 (Joanna Ossinger/Bloomberg)

Next Post

Free Talk Live Co-Host Ian Freeman Found Guilty in Federal Crypto Trial – Bitcoin News

Related Posts

Research Predicts 0,000 Bitcoin By EOY, If Treasury Firms Hold

Research Predicts $160,000 Bitcoin By EOY, If Treasury Firms Hold

by Jake Simmons
July 11, 2025
0

Motive to belief Strict editorial coverage that focuses on accuracy, relevance, and impartiality Created by business consultants and meticulously reviewed...

Remixpoint CEO to Receive Entire Salary in Bitcoin

Remixpoint CEO to Receive Entire Salary in Bitcoin

by Emmanuel Musa
July 11, 2025
0

Japanese-listed agency Remixpoint has change into the primary within the nation to pay its CEO completely in bitcoin, aligning government...

OpenAI Faces IRS Complaint Over Alleged Tax Violations

OpenAI Faces IRS Complaint Over Alleged Tax Violations

by Cointelegraph By Martin Young
July 11, 2025
0

Synthetic intelligence watchdog the Midas Venture has filed a grievance in opposition to ChatGPT maker OpenAI, accusing the agency of...

Here Are Top Developments Surrounding XRP Recently That You Should Be Aware Of

Here Are Top Developments Surrounding XRP Recently That You Should Be Aware Of

by Scott Matherson
July 10, 2025
0

Trusted Editorial content material, reviewed by main trade specialists and seasoned editors. Advert Disclosure The XRP ecosystem is witnessing a...

Coinbase Adds Support for Pump.Fun Ahead of $PUMP Token ICO

Coinbase Adds Support for Pump.Fun Ahead of $PUMP Token ICO

by Kelvin Munene Murithi
July 10, 2025
0

Coinbase Worldwide Change has introduced that it'll add help for the $PUMP token forward of its Preliminary Coin Providing (ICO)....

REX Shares files for 2X leveraged TRON ETF

REX Shares files for 2X leveraged TRON ETF

by Vivian Nguyen
July 11, 2025
0

Key Takeaways T-Rex Group filed for a leveraged ETF focusing on 200% of TRON's every day efficiency. The ETF makes...

Next Post
Free Talk Live Co-Host Ian Freeman Found Guilty in Federal Crypto Trial – Bitcoin News

Free Talk Live Co-Host Ian Freeman Found Guilty in Federal Crypto Trial – Bitcoin News

FLEX LNG Ltd. 2022 Q3 – Results – Earnings Call Presentation (NYSE:FLNG)

FLEX LNG Ltd. 2022 Q3 - Results - Earnings Call Presentation (NYSE:FLNG)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Why ACA health insurance premiums may see ‘sharp’ increase in 2026

Why ACA health insurance premiums may see ‘sharp’ increase in 2026

July 11, 2025
PEP, Supportive Care, and More

PEP, Supportive Care, and More

July 11, 2025
Research Predicts 0,000 Bitcoin By EOY, If Treasury Firms Hold

Research Predicts $160,000 Bitcoin By EOY, If Treasury Firms Hold

July 11, 2025
Russia develops Mi-80 to replace iconic Hip helicopter

Russia develops Mi-80 to replace iconic Hip helicopter

July 11, 2025
Elon Musk’s SpaceX set to launch Israel’s Dror satellite

Elon Musk’s SpaceX set to launch Israel’s Dror satellite

July 11, 2025
Corn Sticking Close to Unchanged at Midday

Corn Sticking Close to Unchanged at Midday

July 11, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Why ACA health insurance premiums may see ‘sharp’ increase in 2026

PEP, Supportive Care, and More

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In