I have the very same problem!
I used an trial 2.0 RC before and everything worked fine. Now I registered and updated to 2.0 build 901
I am using WinXP SP1
Logging in works fine, but as soon as I request the directory list, it gets an connection timeout. even rc2 doesnt work anymore. other ftp clients have no problems.
I am connected directly to the internet and have my own ip address.
I now have a key and cant use the program
[EDIT] using active transfer for ftps in my subnet works but i need passive for all other ftps