Recently, the Cyprus Securities and Exchange Commission (CySEC) announced that the suspension of authorization for Cyprus investment company FTX (EU) Ltd has been extended until March 31, 2024.
The additional time is intended to allow the company to take necessary actions to comply with the relevant provisions of the 2017 Investment Services and Activities Act and the Regulated Markets Act.
According to Section 9 of DI87-05, during the suspension of authorization, the company shall not:
(1) Provide/carry out investment services/activities.
(2) Engage in any business transactions with anyone and accept any new clients.
(3) Promote oneself as an investment service provider.
In accordance with the wishes of existing customers, the company can complete all its own and previous transactions according to customer instructions, and FTX can also refund all funds and financial instruments belonging to its customers.
The CIF license of FTX was initially suspended on November 11, 2022, when FTX and its multiple subsidiaries filed for Chapter 11 bankruptcy protection in the United States.
