FTX Europe – the European subsidiary of the now-collapsed global crypto giant – has filed a petition for a Swiss moratorium proceeding, which was granted by a court on April 11th.

Meanwhile, the CySEC also announced extending FTX Europe’s license suspension until September-end.

According to the official press release, the proceeding is expected to help the embattled company to explore strategic alternatives, including the previously disclosed potential sale of its business pursuant to US Bankruptcy Court-approved bidding procedures.

The latest development comes almost two weeks after FTX EU started the process of allowing customers to withdraw funds locked up since its parent firm filed for bankruptcy protection last November. The European arm even set up a website to enable customers to verify their balances as well as make withdrawal requests.

FTX EU confirmed that the Moratorium will have no impact on the previously announced process for confirming customer balances in preparation for allowing the withdrawal of funds from its platform.

(by Chayanika Deka)