FTX Free to Explore Sale of Europe Arm, Swiss Court Decides
Featured SpeakerChristy Goldsmith Romero
CommissionerU.S. Commodity Futures Trading Commission
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.
:format(jpg)/www.coindesk.com/resizer/Lky4i31E0VGlf1KEVfI5nxsXZS8=/arc-photo-coindesk/arc2-prod/public/PRTUSW5G55EPJKV5XA3VM4F6HE.jpg)
Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.
Featured SpeakerChristy Goldsmith Romero
CommissionerU.S. Commodity Futures Trading Commission
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.
A Swiss court has approved a request by the bankrupt crypto exchange FTX to explore the sale of its European arm, the company announced Wednesday.
FTX Europe AG, the holding company of FTX’s European business, filed a petition for a Swiss moratorium proceeding, which the court granted on Tuesday, according to the announcement. A moratorium proceeding, under Swiss law, enables debt restructuring or the preservation of assets for a limited time.
“FTX Europe AG notes the Moratorium process will facilitate the exploration of strategic alternatives, including the previously disclosed potential sale of its business pursuant to U.S. Bankruptcy Court-approved bidding procedures,” the announcement said.
The once-prominent global crypto exchange run by Sam Bankman-Fried filed for Chapter 11 bankruptcy in the U.S. last November.
According to the company’s announcement, the Swiss court also appointed an administrator for FTX Europe AG, which is also a debtor in FTX’s bankruptcy proceedings in the U.S.
The moratorium will not stop the process to confirm customer balances in preparation for allowing the withdrawal of funds from Swiss-headquartered FTX EU Ltd.,the notice clarified.
Representatives for FTX did not immediately respond to a request for comment.
Edited by Stephen Alpher.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Sandali Handagama is a CoinDesk reporter with a focus on crypto regulation and policy. She does not own any crypto.
