ASIC cancels FTX Australia’s license amid escalating crypto regulation

2023-7-19 14:20

According to a statement released on July 19, the Australian Securities and Investments Commission (ASIC) canceled the Australian Financial Services (AFS) license held by FTX, a subsidiary operating in Australia, on July 14.

The license cancelation does not impact FTX Australia’s arrangements to compensate its retail clients and its continued Australian Financial Complaints Authority membership. The exchange could also provide limited financial services for terminating existing derivatives with clients before July 12, 2024.

FTX Australia serviced 30,000 customers

Before its license cancellation, FTX Australia serviced around 30,000 customers, making it one of the largest crypto platforms in the country.

Eight months before its collapse, in March 2022, ASIC had already begun raising concerns about FTX Australia’s operations. At the time, the regulator placed the exchange under “surveillance activity” based on concerns that it side-stepped the scrutiny of issuing new licenses.

The regulator would later suspend the exchange’s AFS license when it entered into voluntary administration in November.

Meanwhile, two entities are reportedly related to the bankrupt exchange in Australia, including FTX Australia. The two firms hold around $42 million in customer funds.

Australia’s increasing crypto regulation efforts

The license cancellation of FTX Australia forms part of the Australian government’s broader efforts to regulate the crypto industry increasingly.

In April, the ASIC conducted a compliance review of the financial services business of Binance under local laws and reportedly searched the platform’s office earlier this month. Binance had abruptly cancelled its derivatives license with the regulator, citing compliance with local laws.

Meanwhile, several Australian banks, including Westpac, National Australian Bank (NAB), and others, have lately been restricting payments to crypto exchanges as part of efforts to reduce their customer exposure to scams.

The banks described cryptocurrency scams as one of the fastest-growing security threats in the country.

The post ASIC cancels FTX Australia’s license amid escalating crypto regulation appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

FintruX Network (FTX) на Currencies.ru

$ 0.0007462 (+2.01%)
Объем 24H $73
Изменеия 24h: 3.78 %, 7d: 5.93 %
Cегодня L: $0.0007462 - H: $0.0007462
Капитализация $0 Rank 7418
Цена в час новости $ 0.0025809 (-71.09%)

july australian license australia ftx asic canceled

july australian → Результатов: 30


Binance Australia searched in probe of former derivatives activities

Binance Australia has come under further regulatory scrutiny, with a particular focus on its former derivatives activities, as reported by Bloomberg on July 4. Bloomberg reported that the Australian Securities and Investments Commission (ASIC), an integrated regulator for the country’s financial markets, searched various Binance Australia locations on the day of the report.

2023-7-5 11:36


Фото:

Blockchain Australia Submits Crypto Regulatory Recommendations to Parliament

Blockchain Australia, a leading crypto advocacy group, has written to the Australian government stating three key recommendations that it believes would expand the growing blockchain industry. Safe Harbor for Crypto-Asset Providers The crypto organization submitted its recommendation to the country’s Senate Select Committee on Australia as a Technology and Financial Centre on Friday, July 23,Read More

2021-7-26 21:00


Australian Digital Currency Association (ADCA) and Blockchain Australia (BA) Announce Merger

The merger took place on the 22nd of July between the Australian Digital Currency Association (ADCA) and Blockchain Australia (BA). As per some of the signed documentation related to the deal, the two groups will now combine their efforts and work under the BA brand name. As per an announcement made late last month, the […]

2019-8-1 17:13


Фото:

Australian Bank Completes Blockchain-Based Logistics Trial to Send Almond Shipment to Germany

The Commonwealth Bank (CBA) announced on July 30, 2018, the successful completion of a test shipment utilizing blockchain technology to track the end-to-end supply of an almond crate. Almonds Meet Blockchain As stated in an official post, CBA sent over 37,000 pounds of almonds to Germany from an Australian port while tracking the entire process using a mobile application.

2018-7-31 23:00


Фото:

Fully autonomous trains are better suited for moving ores than people

Australian mining company Rio Tinto’s high-tech train completed the first fully autonomous delivery of iron ore in Western Australia’s Pilbara. The autonomous train, consisting of three locomotives, carried about 28,000 tonnes of iron ore across 280 km from the company’s mining operations in Tom Price to the port of Cape Lambert on July 10.

2018-7-13 14:33


Фото:

Home Equity Loans for Crypto Trading Banned by Australian Banks

The Australian Bank of Queensland has banned property buyers from using home equity to buy cryptocurrencies, the Financial Review reported July 12. The Bank of Queensland is reportedly the latest institution to bar credit lines from loans to be used for leveraged purchases or trading of cryptocurrencies. The Bank of Queensland is updating loan contracts,

2018-7-13 04:50


Фото:

IBM partners with Australian Gov’t to use blockchain for data security in $740 Million Deal

IBM has signed a five-year AU$1 billion ($740 million) deal with the Australian government to use blockchain and other new technologies to improve data security, Bloomberg reports Thursday, July 5. The major contract will see IBM provide technology such as blockchain, automation and artificial intelligence (AI) to Australian federal departments, including defense and home affairs.

2018-7-6 00:31