Cyprus regulator aids FTX investors

On Monday, the Cyprus Securities and Exchange Commission responded to failing cryptocurrency exchange FTX EU (Cyprus) by stating that it will begin measures to refund segregated monies to investors in accordance with Cyprus Law.

Cyprus Securities and Exchange Commission chairman George Theocharides stated that the commission is pleased with its investor assistance.

“We are pleased that our work as the regulator has contributed to this positive development after months of uncertainty and concern for investors,” Theocharides said.

“We are grateful to the FTX Group Administrators for their collaboration and support towards these efforts,” he added.

Theocharides concluded by saying that “safeguarding the interests of investors is of paramount importance and CySEC will continue to hold FTX EU Ltd to account to ensure all withdrawal requests are processed swiftly and appropriately”.

Reuters reported in January that FTX had recovered more than $5 billion in liquid assets, but customer losses are still unknown.

FTX was $32 billion in January 2022. In November, the company filed for bankruptcy, and US authorities accused CEO Sam Bankman-Fried of orchestrating a "epic" fraud that may have cost investors, consumers, and lenders billions.

By fLEXI tEAM