Cyprus is preparing to suspend FTX’s European License

FTX said in September that it had received authorisation from the Cyprus Securities and Exchange Commission, which covers the EU as well as Norway, Iceland and Liechtenstein.

- Advertisement -

Cyprus is planning to suspend FTX.com’s licence, which allows the cryptocurrency exchange to operate across Europe, people with knowledge of the matter said.

As Bloomberg reports, an announcement on the decision could come as early as today, Friday, said the sources, who asked not to be named discussing internal consultations. FTX said in September that it received a licence from the Cyprus Securities and Exchange Commission, which covers the EU as well as Norway, Iceland and Liechtenstein.

Sam Bankman-Fried’s FTX.com collapsed in spectacular fashion this week as confidence in the exchange evaporated and it emerged that it was running a multi-billion dollar deficit. FTX, which is in talks for bailout funding, and Bankman-Fried himself, are being investigated by US authorities.

FTX did not immediately respond to a request for comment. The Cyprus Securities and Exchange Commission was not immediately available for comment.

“Securing this license in the European Union is an important step in achieving our goal of becoming one of the most regulated exchanges in the world,” Bankman-Fried had said in a September press release announcing the license acquisition.

- Advertisement -
- Advertisement -
- Advertisement -

Latest

- Advertisement -

Must Read

Read Next
Recommended to you