Regulator cancels licence of FTX’s Australian business
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AUSTRALIA’S securities regulator said on Wednesday (Jul 19) it had cancelled the licence of the local arm of collapsed US cryptocurrency exchange FTX, effective from Jul 14.
Last November, the Australian Securities & Investments Commission (Asic) had suspended the licence until May, taking back its permit to deal in derivative and foreign exchange contracts to retail and wholesale clients.
Bahamas-headquartered FTX, once a rising star of the crypto industry with a US$32 billion valuation in January 2023, filed for US bankruptcy protection in November, saying it was unable to completely repay customers who had deposited funds on its exchange.
The terms of the cancellation include provisions that until the end of Jul 12, 2024, FTX Australia may provide limited financial services that relate to the termination of existing derivatives with clients, the Asic said.
FTX did not immediately respond to a Reuters request for comment. REUTERS
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