PANews reported on November 5 that according to Finance Feeds, the Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of FTX.com's Cyprus Investment Firm (CIF) license until May 30, 2025. This license once enabled the insolvent platform to operate throughout Europe.
According to a regulatory notice, during the period of suspension of authorization, FTX EU is not allowed to provide services or establish business relationships with any person, nor to accept any new clients. In addition, the company is not allowed to execute any instructions from customers to purchase financial instruments, nor to provide any investment services in or outside Cyprus. Moreover, the suspended brands are not allowed to promote themselves as investment service providers or publish relevant advertisements. They must also close all open positions related to customer contracts on the expiration date of the customer contract or upon the request of the customer, and return all funds and profits. Although FTX EU announced that it had launched a process to allow customers to request a final balance before withdrawing fiat currency funds from its company's isolated customer accounts, CySEC still decided to extend the suspension period.
