Securities regulator suspends Australian license of crypto exchange FTX.
According to an issued statement, the platform will be allowed to provide limited financial services until Dec. 19 in order to terminate existing derivatives.The Australian Securities and Investments Commission has suspended the financial services license of FTX Australia Pty Ltd. until May 15, 2023. The decision comes after the local arm of the failed cryptocurrency exchange was placed under voluntary administration on Friday.
The suspension comes after the appointment of two voluntary administrators of FTX Australia and its subsidiary FTX Express Pty Ltd. on Nov. 11. The latter operates a digital currency exchange that is not regulated by ASIC, the Commission noted.for Chapter 11 bankruptcy protection in the United States. The proceedings were commenced by FTX Trading Ltd., West Realm Shires Services Inc., which was trading as FTX US, and other affiliated companies.
Australia’s financial services license allowed FTX’s Australian platform to deal in, make a market for, and provide, general advice regarding derivatives and foreign exchange contracts to retail and wholesale clients. ASIC emphasized it’s monitoring the situation in close contact with other regulatory bodies and external administrators. The Commission urged FTX clients to follow future developments and look out for updates from the FTX Group.
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