CySEC Planning To Suspend FTX's

EU Operating License

November 11, 2022

Bloomberg reported that Cyprus regulators

CySEC is planning to suspend FTX’s two-month-old license, which allows the troubled crypto exchange to operate throughout Europe.

FTX has had its license in Cyprus suspended by the CySEC following a liquidity crunch that prompted a withdrawal freeze, the report also said.

FTX secured approval for its domain from the CySEC in March after acquiring local firm K-DNA Financial Services LTD.

The entity was later renamed FTX EU Ltd.

In September, FTX EU said it had secured a CySEC license to operate as a Cyprus investment firm.

FTX had CySEC lincense to serve the whole European Economic Area which includes the EU as well as Iceland, Liechtenstein and Norway.

Slide 8- FTX, which is in last-ditch talks for rescue financing, and SBF himself are being investigated by the United States SEC.