FTX Australia license suspended as 30,000 Aussies left behind
FTX Australia license suspended as 30,000 Aussies left behind
Three contributors from a Sydney-based investment and advisory firm are tasked with helping Australians affected by the suspension of the local entity of Sam Bankman-Fried's former crypto empire.
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Australia's economic markets regulator has suspended FTX Australia's economic license following the appointment of a voluntary trustee to help nearly 30,000 Australians and 132 Australian groups recover their funds from FTX.
The statement was made through the Australian Securities and Investments Commission (ASIC) on November 16 local time, which the Australian Financial Services (AFS) license of neighboring entity FTX until as of 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 traders who signed up to change digital ownership were routed through FTX Australia.
FTX Australia has, however, been permitted to offer restricted 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 attempt to recoup the budget of nearly 30,000 Australian buyers and 132 Australian groups through , according to an inside Australian Financial Review (AFR).
The filing indicates that FTX Australia employees cooperated with KordaMentha administrators to remedy the situation. Founder of FTX and is listed as one of 3 directors of FTX Australia.
The suspension of FTX Australia client operations comes nearly 8 months after its March 20, the company has also set up a Sydney-based workplace for its 5 employees.
Related:
The last 130 companies linked to FTX, including FTX US and its associated trading company Alameda Research of the United States Code on November 11, the same day that Bankman-Fried also resigned as CEO of FTX.
ASIC mentioned that FTX Australia has the right to use the Administrative Appeals Tribunal to challenge ACIS' decision.
Cointelegraph has contacted ASIC and FTX for comment, but has not received a response at the time of publication.
Three contributors from a Sydney-based investment and advisory firm are tasked with helping Australians affected by the suspension of the local entity of Sam Bankman-Fried's former crypto empire.
< /div>
News
Australia's economic markets regulator has suspended FTX Australia's economic license following the appointment of a voluntary trustee to help nearly 30,000 Australians and 132 Australian groups recover their funds from FTX.
The statement was made through the Australian Securities and Investments Commission (ASIC) on November 16 local time, which the Australian Financial Services (AFS) license of neighboring entity FTX until as of 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 traders who signed up to change digital ownership were routed through FTX Australia.
FTX Australia has, however, been permitted to offer restricted 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 attempt to recoup the budget of nearly 30,000 Australian buyers and 132 Australian groups through , according to an inside Australian Financial Review (AFR).
The filing indicates that FTX Australia employees cooperated with KordaMentha administrators to remedy the situation. Founder of FTX and is listed as one of 3 directors of FTX Australia.
The suspension of FTX Australia client operations comes nearly 8 months after its March 20, the company has also set up a Sydney-based workplace for its 5 employees.
Related:
The last 130 companies linked to FTX, including FTX US and its associated trading company Alameda Research of the United States Code on November 11, the same day that Bankman-Fried also resigned as CEO of FTX.
ASIC mentioned that FTX Australia has the right to use the Administrative Appeals Tribunal to challenge ACIS' decision.
Cointelegraph has contacted ASIC and FTX for comment, but has not received a response at the time of publication.
