European users of cryptocurrency exchange FTX EU can now access a withdrawal website to retrieve their funds. The move comes after the platform collapsed in November last year, leaving many users unable to withdraw their holdings.
FTX EU was only approved by the Cyprus regulator in March 2022, just seven months before it went bust. The company's failure left many customers out of pocket and raising concerns about regulatory oversight.
The new website is set up specifically for European users and allows them to request withdrawals from their accounts held with FTX EU. The process is expected to be smooth and secure, with funds transferred directly into user bank accounts within a few business days.
In a statement released today, FTX EU said that they "recognize the importance of returning customer funds as quickly as possible" and urged all affected customers to use the dedicated withdrawal website without delay.
The collapse of FTX has brought renewed scrutiny on exchanges operating within Europe, highlighting potential shortcomings in regulatory oversight. While authorities have taken steps to tighten regulations around cryptocurrencies, some experts argue that more needs to be done.
As regulators grapple with how best to police this emerging market, consumers are advised always to do their due diligence when choosing an exchange or investment platform. This includes checking for relevant licenses and reading user reviews online.
For those impacted by the collapse of FTXEU, however, there may finally be light at the end of the tunnel as they are given access once again - albeit belatedly -to their hard-earned funds via this new withdrawal service provided by FTXEU.