According to reports, eight months prior to FTX's collapse in November, Australia's financial regulator voiced concerns about the exchange's Australian subsidiary.
Australian securities regulators are alleged to have expressed concern about how FTX Australia is being run after the exchange was granted a license through an acquisition, according to documents obtained by Guardian Australia.
As Cointelegraph previously reported, FTX began operations a few months after purchasing financial institutions IFS Markets in December 2021, at which point it obtained an Australian license.
According to Joe Longo, the head of Australia's securities regulator, FTX Austria was able to successfully avoid the requirements connected with the application for such a license in Australia in this way.
Documents show that in the same month that FTX started operations, the regulator sent a notice to the crypto exchange asking for information about its operations. Inferring whether the exchange complies with the requirements should be possible as a result.
The regulator may ask the licensee to provide information regarding the financial services they provide and the financial services businesses they are still actively operating with this specific notice. This is done to see if the license holder satisfies the requirements.
Another document, which the Guardian has also seen, confirmed that securities regulators kept an eye on the exchange and sent out a total of three of these notices between the time the regulators expressed their concerns and FTX's Nov. eleven crumbles.
The document also reveals that as of October, the regulator continued to have reservations about how FTX was being run.
My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange!
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning SiteLiteCoinPay -
The #1 FaucetPay earner for LitecoinLBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!FaucetPay - The #1 Microwallet PlatformFREEBTC - The #1 FaucetPay earner for Satoshi'sFireFaucet - An earning site that pays better for some than Cointiply
Comments
Post a Comment