News
The ownership of FTX EU has become a point of contention between Backpack Exchange and the FTX estate.
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Cyprus News
Cyprus is an island republic in the eastern Mediterranean with a population of around one million. Cyprus has a diversified and prosperous free-market economy that is mostly built on the its service industry, with its most important exports being medicine, agriculture and products of light manufacturing. However, the economy of Cyprus largely suffered from the eurozone banking crisis, which it has only started to recover from since 2014. Cyprus has a good investment climate due to its liberalized stock exchange and business-friendly tax system that led to the establishment of Cyprus as a financial hub for investments from Asia, Russia and Eastern Europe. The use of Bitcoin is not regulated in Cyprus. Although the Central Bank of England issued a warning statement about the use of cryptocurrencies, Cyprus continues to welcome blockchain and cryptocurrency startups, and it allows Bitcoin exchanges and ICOs.
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As part of the acquisition, Backpack EU will be responsible for distributing court-approved bankruptcy claims to FTX EU customers.
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Formerly known as Digital Assets AG, FTX Europe was originally founded as a Swiss startup and was sold back to its original founders after FTX’s bankruptcy.
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While Coinbase aims to compete in the EU derivatives market, it faces stiff competition from more prominent players like Binance, Bybit, OKX and Deribit.
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The Ministry of Finance intends to amend the existing Prevention and Suppression of Money Laundering and Terrorist Financing Law.
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According to eToro deputy CEO Hedva Ber, Europe is “hugely important” for the firm as the majority of eToro users are based in the region.
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Following Binance’s departure from Cyprus, Bybit strengthens the island’s crypto ecosystem after acquiring an operating license.
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The Cyprus SEC lists the exchange as “Under examination for application for deregistration” on the island.
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FTX EU was only approved by the Cyprus regulator in March 2022, about seven months before FTX collapsed in November.
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Evidence found that Australians were among the top countries targeted in a sophisticated cryptocurrency investment scam network, which has suspected kingpins in Israel.
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Among the education centers involved include colleges in Australia, Cyprus and Germany, Nigerian-based tech hub Utiva, Women in Tech, and two Ukrainian organizations.
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FTX Europe is one of roughly 130 companies in FTX Group that will be a part of bankruptcy proceedings in the United States.
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The island nations of Malta and Cyprus are still ahead of their bigger neighbors when it comes to crypto regulation.
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Crypto.com exchange follows in FTX's footsteps by targeting aggressive expansion in Europe after receiving CySEC approval.
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Cyprus’s finance ministry stressed the need to accelerate its capacity building for the crypto industry.
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