Cyprus watchdog will continue suspending FTX's EU license.

According to a spokeswoman, the Cyprus Securities Regulator will meet next week to discuss whether to extend suspending FTX EU's license.

The individual stated in a written statement to Reuters that "CySEC is taking all the necessary actions to safeguard the interests of investors of FTX EU and is working closely with the administrator in the US under chapter 11."

On November 11, just before the cryptocurrency exchange crashed and sought bankruptcy protection in the US, the Cypriot authority suspended FTX EU's license.

FTX EU was subsequently given a month to make good on what CySEC believed to be violations of the rules protecting client assets and management appropriateness.

Following his detention by Bahamian officials late on Monday, its former CEO Sam Bankman-Fried was accused by the US Securities and Exchange Commission on Tuesday with defrauding investors.

In September, FTX had revealed that it had been given the go-ahead to run FTX EU as a Cyprus Investment Firm. According to CySEC, it is not authorized to conduct direct trading of cryptocurrency assets.

By fLEXI tEAM