• April 23, 2024

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Australia’s Regulator Was Concerned About FTX’s Local Division Before its Collapse

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The Australian Securities and Investments Commission was concerned about the operations of the local division of FTX and watched the company long before its collapse.

FTX opened a division in Australia in March 2022 through a takeover of the company from AFSL. In November, the local regulator suspended the permit following the collapse of the exchange.

According to the filings, even before the collapse of FTX, the regulator chairman Joe Longo believed the takeover had bypassed the level of scrutiny normally applied to new AFSL licensees.

According to media reports, the ASIC required the exchange to provide information about its activities for compliance with its license.