FTX Australia license suspended as 30,000 Aussies left behind
FTX Australia license suspended as 30,000 Aussies left behind
Three members of a Sydney-based funding and advisory organization are tasked with helping Australians affected by the entity's suspension locale of Sam Bankman - Fried's old crypto empire.
News
Australia's economic markets regulator has suspended FTX Australia's financial license following the appointment of a voluntary trustee to help nearly 30,000 Australians and 132 Australian businesses recover their budget from FTX.
The was made by the Australian Securities and Investments Commission (ASIC) on November 16, local time, which suspended the Australian Financial Services (AFS) License of FTX's neighborhood entity until May 15 2023.
Prior to its suspension, FTX Australia's AFS license allowed it to create a derivatives and foreign exchange contract market for retail and wholesale clients based in Australia. Australian investors who signed up to trade virtual assets were routed through FTX Australia.
FTX Australia was, however, only permitted to provide limited monetary services strictly related to the termination of existing derivative contracts with its clients until December 19.
The suspension comes as John Mouawad, Scott Langdon and Rahul Goyal of Sydney-based finance and advisory firm KordaMentha were appointed as volunteer directors to propose restructuring offers to FTX Australia and its subsidiary FTX Express on 11 November.
KordaMentha will seek to recover funds from nearly 30,000 Australian shoppers and 132 Australian businesses due to , according to a report in the Australian Financial Review (AFR).
The filing indicated that FTX Australia staff were cooperating with KordaMentha administrators to resolve the issue. Founder of FTX and are listed as one of three directors of FTX Australia.
The suspension of FTX Australia's customer-facing operations comes nearly 8 months after it became effective on March 20, the company also set up a primarily Sydney-based office for its five employees.< /p>
Related:
The latest wee130 FTX-related companies, including FTX US and its associated buy-and-sell firm Alameda Research in the US Code on Nov. 11, the same day Bankman-Fried also resigned as position of CEO of FTX.
ASIC mentioned that FTX Australia has the right to use the Administrative Appeals Tribunal to challenge the selection of ACIS.
Cointelegraph has contacted ASIC and FTX for comment but did not get a response at the time of the guide.
Three members of a Sydney-based funding and advisory organization are tasked with helping Australians affected by the entity's suspension locale of Sam Bankman - Fried's old crypto empire.
News
Australia's economic markets regulator has suspended FTX Australia's financial license following the appointment of a voluntary trustee to help nearly 30,000 Australians and 132 Australian businesses recover their budget from FTX.
The was made by the Australian Securities and Investments Commission (ASIC) on November 16, local time, which suspended the Australian Financial Services (AFS) License of FTX's neighborhood entity until May 15 2023.
Prior to its suspension, FTX Australia's AFS license allowed it to create a derivatives and foreign exchange contract market for retail and wholesale clients based in Australia. Australian investors who signed up to trade virtual assets were routed through FTX Australia.
FTX Australia was, however, only permitted to provide limited monetary services strictly related to the termination of existing derivative contracts with its clients until December 19.
The suspension comes as John Mouawad, Scott Langdon and Rahul Goyal of Sydney-based finance and advisory firm KordaMentha were appointed as volunteer directors to propose restructuring offers to FTX Australia and its subsidiary FTX Express on 11 November.
KordaMentha will seek to recover funds from nearly 30,000 Australian shoppers and 132 Australian businesses due to , according to a report in the Australian Financial Review (AFR).
The filing indicated that FTX Australia staff were cooperating with KordaMentha administrators to resolve the issue. Founder of FTX and are listed as one of three directors of FTX Australia.
The suspension of FTX Australia's customer-facing operations comes nearly 8 months after it became effective on March 20, the company also set up a primarily Sydney-based office for its five employees.< /p>
Related:
The latest wee130 FTX-related companies, including FTX US and its associated buy-and-sell firm Alameda Research in the US Code on Nov. 11, the same day Bankman-Fried also resigned as position of CEO of FTX.
ASIC mentioned that FTX Australia has the right to use the Administrative Appeals Tribunal to challenge the selection of ACIS.
Cointelegraph has contacted ASIC and FTX for comment but did not get a response at the time of the guide.
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