Studying the possibility of suspending FTX’s European operating license
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Answer Studying the possibility of suspending FTX’s European operating license
After the recent turmoil, it appeared reports Reports that FTX’s European license will soon be suspended by the regulators in the State of Cyprus.
And she told Bloomberg, citing people familiar with the matter, that the completion of the suspension will happen next Friday.
Meanwhile, on November 9, CySEC asked FTX Europe to suspend operations and immediately proceed with a number of measures to protect investors.
About two months ago, cryptocurrency exchange FTX announced that it had obtained an EU license that enables it to operate throughout Europe.
FTX has obtained the license from the Cyprus Securities and Exchange Commission.
FTX had to meet some specific requirements in the EU MiFID II Directive.
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Some of the conditions included segregation and protection of client funds, business transparency and capital adequacy.
Months after obtaining the license, FTX was investigated when a balance sheet relating to its sister company, Alameda Research, was leaked.
The balance sheet revealed the significant liabilities and holdings of FTX’s FTT cryptocurrency.
After that, Binance CEO (CZ) announced that he will divest all of the platform’s holdings from FTT.
According to Yi He, co-founder of Binance, the company’s decision to sell its FTT holdings was based solely on an investment-related exit decision.
While some believe that there are more unauthorized matters, this caused investor panic and the collapse of the FTT digital currency, which negatively affected the crypto market.
SEC Chairman Gary Gensler said in an interview with CNBC that since the platform is so influential in the crypto space with so many high-profile people as its ambassadors, that gives it enormous leverage over investors.
According to Gensler, investors and the public can fall prey to celebrity peddling, a feature that has been on the rise over the past year.
Gensler added:
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I think investors need better protection in this area.
It’s a highly inconsistent field, but one that is subject to regulation.
Read also:
Kraken Security Director: We know who is behind the $600 million FTX theft
Hedge fund Galois Capital announces that half of its funds are stuck with FTX
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