FTX EU Refund: Problems & Questions

FTX EU, a company registered in Europe and, in particular, in Cyprus, has begun the procedure for the return of funds to its former clients.

What is the procedure in question?

We are talking about the procedure that has been initiated on the website https://ftxeurope.eu/. By visiting this site, it is possible to check the balance and request a payout. Ideally, the procedure should be completed by May 1.

Who is eligible

Only those customers who registered through the European platform. Theoretically, these are those clients who have registered through ftx.com/eu since March 2022. Why March 2022? Because the European structure does not exist before then. Those who registered before that date are registered on the international version of the exchange.

I registered through the app and I can't go to the site

Apparently, most customers who registered through the app were transferred to the international exchange, so they will not be able to access the site and will have to wait for the U.S. exchange to complete.

I cannot log in with my username

This means that you are not on the FTX EU client list, but on the list of international entities.

Euro only balance - what about my bitcoins and cryptocurrencies?

The balance is only in euros because the cryptocurrencies and bitcoins in your account were automatically sold when bankruptcy proceedings began in the United States on November 12, 2022. The initiation of such procedure is a force majeure under the terms of service.
Is it legal? It appears to be. In any case, you should see the balance in your account also as a result of the automatic sale of cryptocurrency.

I don't think the balance is correct

Through the website, you can specify the amount you think is correct.

I am not participating in this procedure: what should I do?

You will have to wait for the U.S. procedure, which will likely be longer and allow you to get less of the total amount back.

How much will I get back?

Apparently, the European FTX affiliate is fully solvent and therefore should be able to get back all of the funds that clients have held on the exchange.

How long will this take?

It's not clear yet. The curator encourages everyone to file their claims by May 1, 2023, so that refunds can occur in an orderly fashion.
We advise those who are eligible to participate in this process to participate as soon as possible to get refunds as soon as possible.
Of course, for those who have been transferred to an international platform, perhaps because they registered after March 2022, it is unfortunate that they will face a less convenient procedure.