--- title: "FTX Europe's Swiss, Liechtenstein and German companies" language: en canonical: https://dossiertwist.com/dossiers/ftx-trading-ltd/ftx-europe-companies/ as_of: 2026-10-21 keywords: ["FTX Trading Ltd","FTX.com","FTX Trading Limited","Sam Bankman-Fried","Alameda Research","Paper Bird Inc.","Dotcom Silo","FTX Digital Markets","FTX Europe AG","FTX EU Ltd","FTX Japan","West Realm Shires","FTT","Chapter 11","FTX Recovery Trust","John J. Ray III","Caroline Ellison","Gary Wang","Nishad Singh","CFTC consent order"] --- # FTX Europe's Swiss, Liechtenstein and German companies **Question.** What became of FTX Europe's companies in Switzerland, Liechtenstein and Germany? **Answer.** FTX Switzerland (with its subsidiary FTX Derivatives), FTX Certificates, FTX Structured Products in Liechtenstein and FTX Trading GmbH in Germany were among the companies sold in 2024, under the settlement with former insiders of FTX Europe, to CredoMedia GmbH; all of them except FTX Structured Products now carry "TL" names, as does FTX General Partners. In 2026 the courts of Appenzell Ausserrhoden declared TL Switzerland, TL Certificates and TL General Partners bankrupt and suspended the proceedings for lack of assets; TL Derivatives is in liquidation and FTX Structured Products has a liquidator. ## FTX Switzerland and its subsidiary - Analysis: FTX Switzerland GmbH began in 2018 as K & G Lawyers for International Business and Tax Law GmbH, founded by Gruhn, and was renamed Crypto Lawyers GmbH in 2019, Canco GmbH in June 2021 and FTX Switzerland GmbH in April 2022, after FTX Trading acquired it as part of DAAG; Max Rhotert, Crypto Lawyers' chief operating officer, later held the same post at FTX Europe. FTX Europe AG was entered as its member in April 2022; by December 2024 it no longer was, and the company had become TL Switzerland GmbH in Herisau. Its managing officers were Ernest Ukaj (2018-2021), Rhotert (2021-2023), Jürg Bavaud (2023-2024) and Aleks Marku (December 2024 to June 2026). Its subsidiary FTX Derivatives GmbH became TL Derivatives GmbH in September 2024, with Marku as managing officer, and is in liquidation. [src-047] [src-117] [src-092] [src-048] - Analysis: The Cantonal Court of Appenzell Ausserrhoden declared TL Switzerland GmbH bankrupt with effect from 29 May 2026 and suspended the proceedings for lack of assets on 10 September 2026. [src-047] [src-117] ## Certificates, General Partners, Structured Products and FTX Trading GmbH - Analysis: FTX Certificates GmbH, registered in 2020 as Kali Hodling GmbH and later DAAG Certificates GmbH, is now TL Certificates GmbH; GLEIF records it as directly consolidated by FTX Europe AG from 31 December 2020, a record last updated in March 2023 that has since lapsed and does not reflect the 2024 sale. The same court opened bankruptcy proceedings against it and suspended them for lack of assets on 10 September 2026, with Marku recorded as its managing officer. FTX General Partners AG, registered in 2020 and now TL General Partners AG in Liquidation with Marku as sole board member, was declared bankrupt from 4 June 2026, and those proceedings were suspended on 14 September 2026. [src-055] [src-086] [src-119] [src-069] - Analysis: In Liechtenstein, Bavaud joined the board of FTX Structured Products Ltd. in Ruggell in April 2023, replacing two members including Martin Liebi, left it in September 2024 and became its liquidator on 17 May 2025. In Germany, FTX Trading GmbH, registered in Hannover in December 2020, was renamed TL Trading GmbH in September 2024; Rhotert was its managing director until April 2023 and again from September 2024, with Bavaud in between. FTX Switzerland, FTX Trading GmbH, FTX Certificates and FTX Structured Products were among the companies that CredoMedia GmbH bought for $32.7 million under the settlement of 7 February 2024 with Gruhn, Matzke and Lorem Ipsum, a sale the Bankruptcy Court approved on 18 March 2024 and that closed on 10 May 2024. The purchase agreement counts FTX Trading GmbH among FTX Europe's subsidiaries, whereas the November 2022 ownership statement lists it as wholly owned by FTX Trading Ltd. [src-087] [src-049] [src-067] [src-068] [src-005] ## Sources - [src-047] Corporate registry source · src-047 - [src-117] Corporate registry source · src-117 - [src-092] Court record source · src-092 - [src-048] Corporate registry source · src-048 - [src-055] Corporate registry source · src-055 - [src-086] Corporate registry source · src-086 - [src-119] GLEIF direct-parent relationship record for LEI 506700N3EE6U50944T62, Global Legal Entity Identifier Foundation (GLEIF), 2026-10-21 - [src-069] Corporate registry source · src-069 - [src-087] Corporate registry source · src-087 - [src-049] Corporate registry source · src-049 - [src-067] Court record source · src-067 - [src-068] Court record source · src-068 - [src-005] Court record source · src-005