Cyprus watchdog to extend FTX EU licence suspension

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December 13, 2022 9:06 AM EST

An FTX logo and a representation of cryptocurrencies are seen through broken glass in this illustration taken December 13, 2022. REUTERS/Dado Ruvic/Illustration

NICOSIA (Reuters) - Cyprus's securities regulator plans to extend the suspension of the licence of FTX EU and will meet to discuss the matter next week, a spokesperson said on Tuesday.

"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 U.S. under chapter 11," the person said in a written comment to Reuters.

The Cypriot regulator suspended the licence of FTX EU on Nov. 11, just before the cryptocurrency exchange imploded, seeking bankruptcy protection in the United States.

FTX EU had then been given a month to rectify what CySEC suspected were violations of conditions to safeguard client assets and on the suitability of management.

Its former CEO Sam Bankman-Fried was charged by the U.S. Securities and Exchange Commission on Tuesday of defrauding investors, following his arrest by Bahamian authorities late on Monday.

FTX had announced in September that it had received approval to operate FTX EU as a Cyprus Investment Firm. CySEC has said it was not licensed to engage in the direct trading of crypto assets.

(Reporting by Michele Kambas Editing by Jason Neely and Mark Potter)


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