FTX Australia license suspended as 30,000 Aussies left behind
FTX Australia license suspended as 30,000 Aussies left behind
Three people from a wholly Sydney-based finance and consultancy firm are tasked with helping Australians affected by the suspension of the local entity 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 administrator to help nearly 30,000 Australians and 132 Australian agencies reduce their price range with FTX.
>
The was made by the Australian Securities and Investments Commission (ASIC) on November 16, local time, which suspended the Australian Financial Services (AFS) local entity license of FTX until May 15 2023.
Prior to its suspension, FTX Australia's AFS license allowed it to create a market for derivatives and foreign exchange contracts for retail and wholesale clients based in Australia. Australian investors who registered for alternative digital property were routed through FTX Australia.
FTX Australia has, however, been accredited to provide limited financial services strictly related to the termination of existing spin-off 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 provide restructuring services to FTX Australia and its subsidiary FTX Express on November 11.
KordaMentha will seek to recover funds from nearly 30,000 Australian shoppers and 132 Australian organizations through , according to a report in the Australian Financial Review (AFR).
The filing indicates that FTX Australia staff cooperated with KordaMentha administrators to resolve the issue. Founder of FTX and are listed as one of 3 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 fully Sydney-based office for its 5 employees.
Related:
The last 130 FTX-linked 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 from his post from CEO of FTX.< /p>
ASIC advised that FTX Australia has the right to apply to the Administrative Appeals Tribunal to uphold ACIS' decision.
Cointelegraph contacted ASIC and FTX for comment, but got no further feedback on the ebook.
Three people from a wholly Sydney-based finance and consultancy firm are tasked with helping Australians affected by the suspension of the local entity 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 administrator to help nearly 30,000 Australians and 132 Australian agencies reduce their price range with FTX.
>
The was made by the Australian Securities and Investments Commission (ASIC) on November 16, local time, which suspended the Australian Financial Services (AFS) local entity license of FTX until May 15 2023.
Prior to its suspension, FTX Australia's AFS license allowed it to create a market for derivatives and foreign exchange contracts for retail and wholesale clients based in Australia. Australian investors who registered for alternative digital property were routed through FTX Australia.
FTX Australia has, however, been accredited to provide limited financial services strictly related to the termination of existing spin-off 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 provide restructuring services to FTX Australia and its subsidiary FTX Express on November 11.
KordaMentha will seek to recover funds from nearly 30,000 Australian shoppers and 132 Australian organizations through , according to a report in the Australian Financial Review (AFR).
The filing indicates that FTX Australia staff cooperated with KordaMentha administrators to resolve the issue. Founder of FTX and are listed as one of 3 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 fully Sydney-based office for its 5 employees.
Related:
The last 130 FTX-linked 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 from his post from CEO of FTX.< /p>
ASIC advised that FTX Australia has the right to apply to the Administrative Appeals Tribunal to uphold ACIS' decision.
Cointelegraph contacted ASIC and FTX for comment, but got no further feedback on the ebook.
