ChainCatcher news, the Cyprus Securities and Exchange Commission (SEC) has extended the suspension period of FTX Europe's license, prohibiting the company from providing services until September 30, 2024.The agency stated that FTX Europe must take necessary actions to comply with the relevant provisions of the Investment Services and Activities and the Regulated Markets Law. FTX Europe is prohibited from providing investment services and engaging in any business transactions or accepting any new clients. The announcement noted that the company is also prohibited from advertising investment services.On the other hand, the regulatory authority requires FTX Europe to complete all transactions and client transactions as requested by customers. The Cyprus Securities and Exchange Commission ordered the company to also refund all funds and financial instruments belonging to its clients.

ChainCatcher news, according to a report by Reuters, the bankrupt cryptocurrency exchange FTX has reached a settlement in a lawsuit, agreeing to sell its European subsidiary back to its founders for $32.7 million. According to documents filed Thursday in the Delaware bankruptcy court in Wilmington, FTX believes that no other buyers would agree to acquire its newly established European subsidiary FTX Europe, and the proposed settlement is the best outcome for FTX creditors, indicating that it is difficult to find other buyers.Before agreeing to the sale, FTX attempted to recover the funds used for the acquisition. The exchange filed a lawsuit claiming that the acquisition funds came from customer funds and argued that the acquisition price was a "massive overpayment." Startup founders Patrick Gruhn and Robin Matzke denied the allegation and demanded FTX pay $256.6 million. The dispute was ultimately resolved on February 21.It is reported that FTX Europe was formerly the Swiss startup Digital Assets AG (DAAG), which was acquired for $323 million in 2021.

ChainCatcher news, according to Fortune magazine, Coinbase is seeking the possibility of acquiring the FTX Europe entity to establish crypto derivatives products globally.According to documents, although acquisition negotiations never progressed to an advanced stage, Coinbase's interest in FTX Europe indicates that as spot trading volumes have significantly declined during the bear market, derivatives are becoming increasingly important to its global business plans.Despite attracting interest from major cryptocurrency companies in recent months, the debtor asset committee believes the acquisition is unfeasible. A spokesperson shared a statement with Fortune magazine in July, stating, "The professional advisors of the FTX debtors have concluded that there is no possibility of a sale."Previously, both Crypto.com and FTX FDM expressed interest in acquiring FTX Europe. According to financial data provided by Fortune magazine, the platform continued to gain tens of thousands of users until its parent company went bankrupt.

ChainCatcher news, according to CoinDesk, FTX's bankruptcy lawyers have filed a motion in court to recover $323 million from the leadership of FTX Europe. This request is aimed at addressing the alleged illegal activities and economic losses caused by the bankruptcy of FTX Europe’s leadership.Sam Bankman-Fried and FTX Group had paid approximately $323.5 million to acquire the Swiss company DAAG (later renamed FTX Europe). Lawyers claim that the leadership of FTX Europe received nearly $100 million in installment payments during the acquisition of K-DNA. However, the acquisition was ultimately completed for only two million euros.

ChainCatcher news, sources reveal that the Swiss banking regulator FINMA has rejected FTX Europe's application for a financial trading license. Currently, FTX has not disclosed any related information. FTX Europe is headquartered in Pfäffikon, near Zurich, and previously obtained a Cypriot license to offer crypto derivatives in the European market, which has now also been suspended.FTX Europe was established on March 7, 2022, with its headquarters in Switzerland and a regional headquarters set up in Cyprus. (source link)