NICOSIA – Cyprus’s Securities and Exchange Commission asked a division of the FTX EU cryptocurrency company that collapsed and has given no accounting of where its money went to stop operations.

The agency said it also wants what’s left of the company whose fall has shattered confidence in cryptocurrency to “proceed immediately with a number of actions for the protection of the investors,” said Reuters.

That came less than two months after FTX said it got approval from the same regulator to operate as a Cyprus Investment Firm, allowing the company to fully own a local investment firm it acquired, and operate in Europe.

“The Company is regulated by CySEC under the provision of Investment Services Law and is authorised to provide investment services in Derivatives and/or other financial instruments. However, it is not licensed by CySEC to engage in the direct trading of crypto assets,” CySEC also said.