FTX Australia license suspended as 30,000 Aussies left behind
Three associates from an investment and advisory firm based entirely in Sydney are tasked with helping Australians affected by the suspension of the neighboring entity to Sam's former Bankman-Fried crypto empire.
NewsAustralia's financial markets regulator has suspended FTX Australia's economic license following the appointment of a voluntary administrator to help nearly 30,000 Australians and 132 Australian organizations recover their price range from FTX.
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The statement was made by the Australian Securities and Investments Commission (ASIC) on November 16, local time, which the Australian Financial Services License (AFS) of FTX's local entity until May 15, 2023 .
Prior to its suspension, FTX Australia's AFS license allowed it to create a marketplace for derivatives and foreign exchange contracts for retail and wholesale clients based in Australia. Australian buyers who signed up to trade digital goods were routed through FTX Australia.
FTX Australia has, however, been permitted to provide limited economic services strictly related to the termination of existing sub-product contracts with its customers 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 provide restructuring services to FTX Australia and its subsidiary FTX Express on 11 November.
KordaMentha will attempt to recover funds from nearly 30,000 Australian shoppers and 132 Australian businesses through , according to Nov. 14 inside the Australian Financial Review (AFR).
The report states that FTX Australia staff cooperated with KordaMentha administrators to resolve the issue. Founder of FTX and is listed as one of three directors of FTX Australia.
The suspension of operations for customers of FTX Australia comes almost 8 months after its transformation on March 20, the company has also set up a Sydney-based office for its 5 employees.
Related:
Last wee130 FTX-related companies with FTX US and its partner buy and sell firm Alameda Research in the US Code on November 11, the same day Bankman-Fried also resigned as CEO of FTX.
ASIC advised that FTX Australia has the right to ask the Administrative Appeals Tribunal to review ACIS' decision.
Cointelegraph has contacted ASIC and FTX for comment but has not received a response at the time of publication.
Three associates from an investment and advisory firm based entirely in Sydney are tasked with helping Australians affected by the suspension of the neighboring entity to Sam's former Bankman-Fried crypto empire.
Australia's financial markets regulator has suspended FTX Australia's economic license following the appointment of a voluntary administrator to help nearly 30,000 Australians and 132 Australian organizations recover their price range from FTX.
>
The statement was made by the Australian Securities and Investments Commission (ASIC) on November 16, local time, which the Australian Financial Services License (AFS) of FTX's local entity until May 15, 2023 .
Prior to its suspension, FTX Australia's AFS license allowed it to create a marketplace for derivatives and foreign exchange contracts for retail and wholesale clients based in Australia. Australian buyers who signed up to trade digital goods were routed through FTX Australia.
FTX Australia has, however, been permitted to provide limited economic services strictly related to the termination of existing sub-product contracts with its customers 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 provide restructuring services to FTX Australia and its subsidiary FTX Express on 11 November.
KordaMentha will attempt to recover funds from nearly 30,000 Australian shoppers and 132 Australian businesses through , according to Nov. 14 inside the Australian Financial Review (AFR).
The report states that FTX Australia staff cooperated with KordaMentha administrators to resolve the issue. Founder of FTX and is listed as one of three directors of FTX Australia.
The suspension of operations for customers of FTX Australia comes almost 8 months after its transformation on March 20, the company has also set up a Sydney-based office for its 5 employees.
Related:
Last wee130 FTX-related companies with FTX US and its partner buy and sell firm Alameda Research in the US Code on November 11, the same day Bankman-Fried also resigned as CEO of FTX.
ASIC advised that FTX Australia has the right to ask the Administrative Appeals Tribunal to review ACIS' decision.
Cointelegraph has contacted ASIC and FTX for comment but has not received a response at the time of publication.
What's Your Reaction?
Three associates from an investment and advisory firm based entirely in Sydney are tasked with helping Australians affected by the suspension of the neighboring entity to Sam's former Bankman-Fried crypto empire.
NewsAustralia's financial markets regulator has suspended FTX Australia's economic license following the appointment of a voluntary administrator to help nearly 30,000 Australians and 132 Australian organizations recover their price range from FTX.
>The statement was made by the Australian Securities and Investments Commission (ASIC) on November 16, local time, which the Australian Financial Services License (AFS) of FTX's local entity until May 15, 2023 .
Prior to its suspension, FTX Australia's AFS license allowed it to create a marketplace for derivatives and foreign exchange contracts for retail and wholesale clients based in Australia. Australian buyers who signed up to trade digital goods were routed through FTX Australia.
FTX Australia has, however, been permitted to provide limited economic services strictly related to the termination of existing sub-product contracts with its customers 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 provide restructuring services to FTX Australia and its subsidiary FTX Express on 11 November.
KordaMentha will attempt to recover funds from nearly 30,000 Australian shoppers and 132 Australian businesses through , according to Nov. 14 inside the Australian Financial Review (AFR).
The report states that FTX Australia staff cooperated with KordaMentha administrators to resolve the issue. Founder of FTX and is listed as one of three directors of FTX Australia.
The suspension of operations for customers of FTX Australia comes almost 8 months after its transformation on March 20, the company has also set up a Sydney-based office for its 5 employees.
Related:
Last wee130 FTX-related companies with FTX US and its partner buy and sell firm Alameda Research in the US Code on November 11, the same day Bankman-Fried also resigned as CEO of FTX.
ASIC advised that FTX Australia has the right to ask the Administrative Appeals Tribunal to review ACIS' decision.
Cointelegraph has contacted ASIC and FTX for comment but has not received a response at the time of publication.
Three associates from an investment and advisory firm based entirely in Sydney are tasked with helping Australians affected by the suspension of the neighboring entity to Sam's former Bankman-Fried crypto empire.
NewsAustralia's financial markets regulator has suspended FTX Australia's economic license following the appointment of a voluntary administrator to help nearly 30,000 Australians and 132 Australian organizations recover their price range from FTX.
>The statement was made by the Australian Securities and Investments Commission (ASIC) on November 16, local time, which the Australian Financial Services License (AFS) of FTX's local entity until May 15, 2023 .
Prior to its suspension, FTX Australia's AFS license allowed it to create a marketplace for derivatives and foreign exchange contracts for retail and wholesale clients based in Australia. Australian buyers who signed up to trade digital goods were routed through FTX Australia.
FTX Australia has, however, been permitted to provide limited economic services strictly related to the termination of existing sub-product contracts with its customers 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 provide restructuring services to FTX Australia and its subsidiary FTX Express on 11 November.
KordaMentha will attempt to recover funds from nearly 30,000 Australian shoppers and 132 Australian businesses through , according to Nov. 14 inside the Australian Financial Review (AFR).
The report states that FTX Australia staff cooperated with KordaMentha administrators to resolve the issue. Founder of FTX and is listed as one of three directors of FTX Australia.
The suspension of operations for customers of FTX Australia comes almost 8 months after its transformation on March 20, the company has also set up a Sydney-based office for its 5 employees.
Related:
Last wee130 FTX-related companies with FTX US and its partner buy and sell firm Alameda Research in the US Code on November 11, the same day Bankman-Fried also resigned as CEO of FTX.
ASIC advised that FTX Australia has the right to ask the Administrative Appeals Tribunal to review ACIS' decision.
Cointelegraph has contacted ASIC and FTX for comment but has not received a response at the time of publication.
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