The Cyprus Securities and Exchange Commission (CySEC) today announced its decision to extend the suspension of the authorisation of FTX (EU) Ltd until September 30, 2023. FTX (EU) Ltd is a Cypriot investment company and the European subsidiary of the bankrupt crypto exchange FTX.

FTX's licence in Cyprus was suspended in November after a liquidity squeeze froze withdrawals. At the end of December, CySEC has extended the suspension period until March 31, 2023.

The Cypriot financial regulator explained that this latest extension is to allow FTX (EU) Ltd to take the necessary actions to comply with the relevant provisions of the Investment Services and Activities and Regulated Markets Act 2017.

As long as the suspension is in effect, FTX (EU) Ltd shall not provide or carry out investment services or activities, nor enter into any commercial transactions with anyone and accept new clients.

CySEC added that during this period, the European entity can complete all transactions between itself and its clients and return all funds and financial products belonging to the clients, as long as it is in accordance with the wishes of its existing clients.

Late last month, FTX (EU) Ltd created a new website dedicated to customers withdrawing their account balances on FTX (EU) Ltd's platform. The website, with the domain name https://ftxeurope.eu/, has been approved by CySEC. In addition, the website does not provide any other services other than balance withdrawal.