FTX EU Begins Process to Return Client Funds

• FTX’s European branch has initiated the process of returning the remaining assets to clients.
• The platform has set up a dedicated website for customers to request the final balance before withdrawing funds.
• Withdrawals are only available to customers who opened accounts after March 7, 2022.
• The withdrawal process will be similar to the process FTX Japan conducted in February.

FTX EU, the European arm of Sam Bankman-Fried’s bankrupt cryptocurrency exchange, has begun returning funds to its customers. Customers of the crypto platform can now check their balances on the exchange and then make withdrawals.

Withdrawals will be restricted to FTX clients who opened accounts after March 2022

according to a Press release Starting with FTX, the European branch of the cryptocurrency exchange has set up a dedicated website to handle all withdrawal requests. Customers can use the website to request a final balance before withdrawing the remaining fiat currency funds in the account. Clients will receive a statement of the funds to which they are entitled.

All withdrawal requests are subject to Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, as well as the usual verification of account details.

It is important to note that withdrawals will only be available to clients of European cryptocurrency exchanges who opened accounts after March 7, 2022. The news release comes a day after FTX’s liquidator, the Kroll Restructuring Administration, emailed the exchange informing them of a scheduled claim related to ongoing bankruptcy proceedings.The liquidators clarified that clients will only receive the amounts communicated through the newly launched website and not the amounts listed in the scheduled claim information

As clearly stated in the Kroll email, the intended claim information contained in this email is not a statement by the debtor of the amount or validity of any claim held by any person. “

FTX Press Release

The exit process for the European branch will be in line with Japan FTX

, the company began returning funds to customers in February. The Japanese subsidiary has also set up a dedicated website through which customers are notified of their balances before withdrawals. Developments in FTX EU’s exit process pushed native token FTT up 3% earlier today.