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The Australian Securities and Investments Commission (ASIC) announced the cancellation of the AFS license of the Australian unit of bankrupt crypto exchange FTX with effect from 14 July. The Australian branch once boasted 30,000 retail customers and served 132 domestic companies.
According to Wednesday’s press release, FTX Australia will be able to provide limited financial services while ceasing its customer interactions until 12 July 2024. During this period ASIC has asked the company to work towards compensating its customers.
ASIC revokes FTX’s license
The Bahamas-headquartered exchange opened two units in Australia – FTX Australia and FTX Express. The former had an AFS license to offer derivative products to local clients. On the other hand, FTX Express is responsible for allowing customers to exchange fiat for cryptocurrencies and vice versa.
As soon as FTX went bankrupt last November, the Australian securities regulator decided to suspend the license until May, revoking FTX’s permit to deal in derivatives and foreign exchange contracts for retail and wholesale clients in the country. ASIC subsequently reinstated the license to assist authorities in mitigating trading positions and determining the origin of client funds.
official statement Read about the case
“The cancellation will have no impact on the requirements for FTX Australia to remain a member of the Financial Complaints Authority of Australia and to have arrangements in place to compensate retail customers.”
The revocation of the Australian Financial Services (AFS) license comes in the wake of an intensified crackdown on the crypto industry following last year’s FTX explosion.
Australian crypto clampdown
While ASIC did not explicitly tell FTX the reason, the regulator cited plans to crack down on scams across the country as the reason for the latter’s actions including Westpac banning its users from making payments to Binance in May.
The Australian Prudential Regulation Authority (APRA) also directed banking establishments to declare their exposure to crypto-related ventures and start-ups. Allegedly prudent regulator Ask To find out more about the risks and vulnerabilities in the system.
As part of the newly introduced measures, the Commonwealth Bank of Australia (CBA) – which is Australia’s largest bank – last month announced the temporary suspension of “certain” payments to crypto exchanges.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
The Australian Securities and Investments Commission (ASIC) announced the cancellation of the AFS license of the Australian unit of bankrupt crypto exchange FTX with effect from 14 July. The Australian branch once boasted 30,000 retail customers and served 132 domestic companies.
According to Wednesday’s press release, FTX Australia will be able to provide limited financial services while ceasing its customer interactions until 12 July 2024. During this period ASIC has asked the company to work towards compensating its customers.
ASIC revokes FTX’s license
The Bahamas-headquartered exchange opened two units in Australia – FTX Australia and FTX Express. The former had an AFS license to offer derivative products to local clients. On the other hand, FTX Express is responsible for allowing customers to exchange fiat for cryptocurrencies and vice versa.
As soon as FTX went bankrupt last November, the Australian securities regulator decided to suspend the license until May, revoking FTX’s permit to deal in derivatives and foreign exchange contracts for retail and wholesale clients in the country. ASIC subsequently reinstated the license to assist authorities in mitigating trading positions and determining the origin of client funds.
official statement Read about the case
“The cancellation will have no impact on the requirements for FTX Australia to remain a member of the Financial Complaints Authority of Australia and to have arrangements in place to compensate retail customers.”
The revocation of the Australian Financial Services (AFS) license comes in the wake of an intensified crackdown on the crypto industry following last year’s FTX explosion.
Australian crypto clampdown
While ASIC did not explicitly tell FTX the reason, the regulator cited plans to crack down on scams across the country as the reason for the latter’s actions including Westpac banning its users from making payments to Binance in May.
The Australian Prudential Regulation Authority (APRA) also directed banking establishments to declare their exposure to crypto-related ventures and start-ups. Allegedly prudent regulator Ask To find out more about the risks and vulnerabilities in the system.
As part of the newly introduced measures, the Commonwealth Bank of Australia (CBA) – which is Australia’s largest bank – last month announced the temporary suspension of “certain” payments to crypto exchanges.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
