PANews reported on November 5 that the Cyprus Securities and Exchange Commission (CySEC) has extended the suspension period of the Cyprus Investment Firm (CIF) license for FTX.com until May 30, 2025. This license previously allowed the insolvent platform to operate throughout Europe.
According to a regulatory announcement, during the suspension period, FTX EU is not allowed to provide services or establish business relationships with anyone, nor accept any new customers. Additionally, the company is prohibited from executing any instructions from customers to purchase financial instruments, and it cannot provide any investment services within or outside Cyprus. Furthermore, the suspended brand must not promote itself as an investment service provider or publish related advertisements. They must also close all open positions related to customer contracts at the expiry date of the contracts or upon customer request, and return all funds and profits. Although FTX EU announced it has initiated a process allowing customers to request a final balance before withdrawing fiat funds from their segregated customer accounts, CySEC has still decided to extend the suspension period.