The financial regulator of Cyprus, the CySEC, has suspended the license of the European division of FTX.

The authorities of the country published the corresponding decision on Friday, November 11.

Sam Bankman-Fried’s company created FTX Europe in March, licensed by CySEC. The goal of the branch was to expand its global presence through the development of the European market.

According to FTX, the license allowed it to “serve the entire European Economic Area”.

On November 6, Binance’s CEO Changpeng Zhao announced the company’s desire to get rid of the FTX utility token FTT.

2 days later, Sam Bankman-Fried and Zhao announced a strategic partnership, but on November 10, Binance abandoned its takeover of FTX, which led to a liquidity crisis that has resulted in FTX filing for bankruptcy.