The Cyprus Securities and Exchange Commission has extended the suspension period of the FTX license until May 30, 2025

ChainCatcher news, according to FinanceFeeds, the Cyprus Securities and Exchange Commission (CySEC) has extended the suspension period of the Cyprus Investment Firm (CIF) license for FTX.com until May 30, 2025. This license previously allowed the insolvent platform to operate throughout Europe.

According to a regulatory announcement, during the suspension of authorization, FTX EU is prohibited from providing services or establishing business relationships with anyone, and from accepting any new clients. Furthermore, the company is not allowed to execute any client instructions for purchasing financial instruments, nor to provide any investment services within or outside Cyprus. Additionally, the suspended brand must not promote itself as an investment service provider or publish related advertisements. They must also close all open positions related to client contracts by the contract expiration date or upon client request, and refund all funds and profits.

Although FTX EU has announced that it has initiated a process allowing clients to request their final balance before withdrawing fiat funds from their company-isolated client accounts, CySEC has still decided to extend the suspension period.