November 27, 2022

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The Cypriot regulator ordered the FTX EU to cease operations on November 9th. From Reuters

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©Reuters. FILE PHOTO: The FTX logo can be seen in this illustration taken on November 8, 2022. REUTERS/Dado Ruvic/Illustration

NICOSIA (Reuters) – The Cyprus Securities and Exchange Commission has ordered FTX EU to cease operations on November 9, the regulator said on Friday.

“The Cyprus Securities and Exchange Commission on Wednesday, November 9, ordered the Cypriot investment firm FTX EU Ltd to cease operations and immediately initiate a series of measures to protect investors,” the commission said in a statement.

FTX announced in September that it had received approval from the Cyprus regulator to operate as a Cyprus investment firm, allowing the company to fully own a previously acquired local investment firm and operate in Europe.

“The company is regulated by CySEC in accordance with the provisions of the Securities Services Act and is authorized to offer investment services in derivatives and/or other financial instruments. However, it is not licensed by CySEC to engage in direct trading of crypto assets,” CySEC said.

The regulator said a further announcement would be made in due course.’

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