FTX Australia loses currency permit: Australian supervisory authority canceling crypto exchange the license

Von Krypto News Österreich

The Australian currency supervisory authority has terminated the currency permit from FTX Australia, a local subsidiary of the neglected crypto swap. The Australian Securities and Investments Commission (ASIC) announced the termination on July 19. The stock exchange may offer minimal financial services by July 12, 2023 and at the same time complete its own transactions with customers.

FTX Australia was previously responsible for the care of around 30,000 private customers and the provision of solutions for 132 local companies. However, the problems for the company began in November 2015 when the Financial Service Performance (AFS) was suspended by ASIC. This happened shortly after the parent company FTX had registered bankruptcy.

After the bankruptcy declaration, the company was commissioned to restructure FTX Australia and the subsidiary FTX Express. However, the persistent legal problems for FTX extend not only to Australia, but also to Cyprus, where the functional permit of the swap was set up and is exposed to the end of September 2023.

Government activities against FTX have led to the subsidiaries started to retain consumers. FTX Japan, for example, was again in crisis in February 2023 when customers tried to access their money. The European subsidiary of FTX has also taken measures to support customers in recovering their capital.

ftx was once a popular crypto exchange, which was confronted with dubious organizational processes and the failure of the company. This led to illegal and public attacks compared to the former CEO Sam Bankman-Fried. Despite the challenges and the termination of the currency permit, the managers of the Australian subsidiary continue to strive to regain customer funds.

This article reflects the current developments related to FTX Australia and gives an overview of the legal problems with which the company has to struggle. It remains to be seen how the situation will develop in the future and whether FTX will be able to resume its business.