Cyprus’ financial regulator has prolonged the suspension of FTX’s European arm for another six months, just before the second anniversary of its collapse. The Cyprus Securities and Exchange Commission (CySEC) announced the extension until May 30, 2025, preventing FTX EU from providing services, taking new clients, or advertising. However, the firm can still process transactions and refund clients. This marks the fourth time the suspension has been lengthened since CySEC initially halted operations in November 2022, when FTX filed for bankruptcy in the US. Following the bankruptcy declaration, CySEC suspended FTX Europe’s license due to concerns about management suitability and client asset protection. Reports of a significant hack draining $600 million from FTX and FTX US wallets also emerged around that time. FTX Europe was eventually sold back to its original owners after a legal dispute over the acquisition price, with the website now only allowing balance checks and withdrawals for clients. Read more AI-generated news on: https://app.chaingpt.org/news