The Australian Securities and Investments Commission (ASIC) today announce cancelling the Australian financial services (AFS) of the Australian subsidiary of collapsed crypto exchange FTX, FTX Australia Pty Ltd.
According to the market’s regulator announcement, the cancellation took effect on 14 July 2023.
ASIC also noted that under terms of the cancellation, FTX Australia may provide limited financial services regarding the termination of existing derivatives with clients until 12 July 2024.
Additionally, the cancellation of the company’s AFS license does not affect requirements stemming from its membership with the Australian Financial Complaints Authority, and to have arrangements for compensating retail clients.
The official announcement also detailed that John Mouawad, Scott Langdon and Rahul Goyal of KordaMentha were appointed as voluntary administrators of FTX Australia and its subsidiary, FTX Express Pty Ltd.
FTX’s AFS license suspended by ASIC in November last year until 15 May 2023 and the suspension was then extended to 24 July 2023.
The Cyprus Securities and Exchange Commission also recently extended the suspension on the Cyprus Investment Firm (CIF) of FTX’s European subsidiary , FTX (EU) Limited, until the 30 September 2023.
