Cyprus’s Securities and Exchange Commission asked FTX EU to suspend its operations on Nov. 9, the regulator said on Friday.
“The Cyprus Securities and Exchange Commission on Wednesday, November 9th, called upon the Cypriot Investment Firm FTX EU Ltd to suspend its operations and to proceed immediately with a number of actions for the protection of the investors,” a statement from the Commission said.
FTX had announced in September that it had received approval from the Cypriot regulator to operate as a Cyprus Investment Firm, allowing the company to fully own a local investment firm it had previously acquired, and operate in Europe.
“The Company is regulated by CySEC under the provision of Investment Services Law and is authorised to provide investment services in Derivatives and/or other financial instruments. However, it is not licensed by CySEC to engage in the direct trading of crypto assets,” CySEC said.
The regulator said that a further announcement would be made in due course’.