Unknown to the public, FTX's Australian subsidiary was under surveillance by Australian regulators for at least eight months before its collapse.
As per a previous report from Cointelegraph, FTX acquired its Australian financial services license by taking over financial institution IFS Markets in December 2021 before opening up for business months later in March 2022.that is usually applied to new AFSL licensees, according to its ASIC chief Joe Longo.
As per newly obtained documents, the regulator reportedly issued a Sect 912C notice to FTX the same month it began operating, which required the crypto exchange to provide documents about its operations for ASIC to assess if it met AFSL license conditions., ASIC can direct the licensee to provide documents specifying what financial services they provide, the financial services business carried on by the licensee and to determine if the licensee satisfies the"fit and proper person test.
A briefing document obtained by the outlet has also confirmed that in the months between the initial concern and, the regulator had put the exchange under “surveillance activity” and a total of three notices were issued to FTX. The document schedule also reveals that the regulator was still concerned about FTXs operations as late as October 2022.Related:FTX Australia was one of more than 130 FTX-linked companies that halted operations after its parent company FTX went into bankruptcy proceedings on Nov. 11, 2022.
The Australian subsidiary of FTX had its financial license suspended on Nov. 16, 2022, and has gone into voluntary administration.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX crypto founder Sam Bankman-Fried thought jail would be 'like The Shawshank Redemption': reportDisgraced FTX founder Sam Bankman-Fried reportedly said that he thought his time in prison in the Bahamas would be like the 1994 film 'The Shawshank Redemption.'
Read more »
Federal prosecutors ask court to bar Sam Bankman-Fried from using Signal | EngadgetSam Bankman-Fried allegedly used Signal earlier this month to contact the general counsel of FTX..
Read more »
FTX founder Sam Bankman-Fried's under scrutiny for witness tamperingFederal prosecutors said FTX founder Sam Bankman-Fried contacted the former general counsel of the crypto trading platform earlier this month in a move they say may constitute witness tampering.
Read more »
Sam Bankman-Fried Seeks Right to Transfer FTX's CryptoLawyers for the bankrupt crypto exchange's founder said there was no evidence for restricting his access to crypto held by FTX as part of bail conditions in a fraud trial.
Read more »
Sabalenka Claims First Grand Slam Title With Aussie Open WinThe 24-year-old beat out the reigning Wimbledon champ to close out a dominant tournament.
Read more »